Friday Gains for Corn Futures

Midday corn quotes are 4 1/4 to 7 3/4 cents higher. The July contract is near the highs for the session and has stayed mostly in positive territory within a 9 3/4 cent range. 

Chinese Dalian Corn Prices traded sharply lower after the Labour Day holiday period. May futures dropped 128 yuan/MT (4.9%), which was the lowest front month print since September 2020 with October futures. The more active July contract was down 1% to 2,616 yuan/MT (~ $9.61/bu). 

USDA’s National Weekly Ethanol report had ethanol prices from $2.21 to $2.46/gal regionally, mostly 6 cents lower for the week. DDGS were quoted from $230 to $265/ton, mostly $5-$20/ton weaker on the week. USDA showed corn oil prices ranged 53 to 57 cents/lb regionally which was mostly higher for the week, but within a penny of UNCH. 

The UN’s FAO expects 22/23 corn carryout will be 288.2 MMT, looser than the 285.4 MMT estimate last month citing better harvests in EU and India than expected. 

Monthly Census data released yesterday showed 4.921 MMT shipped in March. That was a 50% increase from Feb exports but was down 34% from the same month last year. The season’s total 873.7 mbu was at 42.1% of the April WASDE forecast. The monthly data also showed 388k MT of sorghum exports. Ethanol and DDGS were 132.27m gallons and 898k MT respectively in March.

May 23 Corn  is at $6.51 3/4, up 5 1/4 cents,

Nearby Cash   is at $6.29 5/8, up 7 5/8 cents,

Jul 23 Corn  is at $5.96 1/2, up 7 1/2 cents,

Dec 23 Corn  is at $5.33 1/2, up 5 cents,