Overnight futures action has corn trading near the highs a tight range. New crop corn futures ended Tuesday fractionally higher to down 3 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.
There were 308 delivery notices against December corn overnight, all from SG Americas clients. RJO customers were the main stoppers at 281 contracts.
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, currently UNCH
Nearby Cash was $6.71 ¼ on Tuesday, down 3 1/4 cents,
Mar 23 Corn closed at $6.69 1/2, down 1 3/4 cents, currently up 1 1/2 cents
May 23 Corn closed at $6.68, down 1 3/4 cents, currently up 1 1/2 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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