Old crop Corn prices are down by double digits at midday. New crop prices are also in the red with 2 to 4 1/4 cent losses so far. USDA reported the cash average ethanol prices were $2.13 to $2.39/gal regionally this week, mostly 5 to 12 cents weaker wk/wk. Corn oil prices were 72 to 84 cents/lb regionally, mostly lower within 3c of UNCH from last week. DDGS were mostly higher on the week, withing $20/ton of UNCH from $200 - $255 regionally. Bids in MO got up to $330/ton as the expensive outlier.
Data from Statistics Canada showed 2022/23 corn production at 14.539 MMT. That was down 400k MT from the September report, and the average pre-report estimate had 14.8 MMT plugged in. Last year’s drought had Canadian corn output at 13.98 MMT.Â
USDA’s monthly Grain Crushing report showed 448.895 mbu of corn was used for ethanol during October. That was up 17% from September’s pull, but down 4% yr/yr. With that, 1.745m tons of DDGS were produced, and 186,770 tons of corn oil – a 3-mo high.Â
Brokerage firm StoneX estimated the Brazilian 22/23 corn crop at 130.3 MMT, a 5.5% increase from their prior estimate. They now have 2nd crop at 99.6 MMT, with the first crop UNCH at 28.6 MMT.Â
Dec 22 Corn  is at $6.36, down 14 cents,
Nearby Cash  is at $6.56 3/4, down 11 1/8 cents,
Mar 23 Corn  is at $6.49 1/4, down 11 1/4 cents,
May 23 Corn  is at $6.49, down 10 1/4 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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