Morning corn prices are trading red along with the rest of the grains as more information from Poland and the Black Sea lifts the veil of uncertainty – down by 5 to 9 cents into the midweek session. Corn futures worked 7 to 10 cents higher on Tuesday. December ended the day near the mid point of the range, which took the contract to $6.75 at the high. The Poland missile news provoked some short covering, with preliminary open interest dropping 14,680 contracts. Most of that was in nearby December, which also has options expiration coming up next week.
Barchart left their US corn production forecast as 14.681 bbu. That was unchanged from their prior forecast and with a 177.83 bpa yield. IHS Markit foresees 91.968 m acres of 2023 corn plantings.
NASS reported 93% of the 22/23 corn crop was harvested as of 11/13. That was up by 6% points through the week with NC and TN joining TX in being complete. The 5-yr average pace would be 85% harvested by 11/13.
Dec 22 Corn closed at $6.66 3/4, up 9 1/2 cents, currently down 8 3/4 cents
Nearby Cash was $6.67 1/1, up 10 1/4 cents,
Mar 23 Corn closed at $6.69 1/4, up 10 cents, currently down 8 3/4 cents
May 23 Corn closed at $6.67 3/4, up 9 1/4 cents, currently down 8 cents
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.
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