New crop corn futures ended the session fractionally higher to nearby losses of 1 3/4 cents. Dec 2022 was down by 3 cents as deliveries approach with FND tomorrow. The Dec-Dec spread tightened to a 54 1/4 cent inverse.
USDA’s Ag Attache sees the 22/23 Brazilian corn crop at 126 MMT, a 10 MMT rise yr/yr and with 126 MMT as the USDA’s official forecast.
Pre-report estimates for StatsCan production data have Canadian corn production pegged at 14.8 MMT. Their prior estimate in September was 14.9 MMT, with the full range of estimates between 14.3 and 15.1 MMT.
APK-Inform expects the 22/23 Ukrainian corn crop will be 27.9 MMT. Ukraine’s Ag Ministry reported corn shipments reached 9.1 MMT since 7/1, up by 66% from last year’s pace. The EU Commission reduced their corn production forecast by 1.6 MMT to 53.3 MMT citing the summer’s drought. That increased their import needs by 1 MMT to 23.
Dec 22 Corn closed at $6.65 3/4, down 3 cents,
Nearby Cash was $6.71 1/4, down 3 1/4 cents,
Mar 23 Corn closed at $6.69 1/2, down 1 3/4 cents,
May 23 Corn closed at $6.68, down 1 3/4 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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