December corn futures printed a $4.85 low earlier in the Wednesday session, marking the lowest mark for the contract since October of 2021. Dec is currently a dime off that mark and trading 1 1/2 cents in the black. The other futures are mostly higher, from fractionally mixed to 3 cents in the black at midday. There were 121 delivery notices vs. July corn over the holiday, all by SG Americas clients. The oldest long still awaiting delivery is dated 5/22/23.
NOAA’s 7-Day QPF shows rainfall for the Southern portions of the Corn Belt. OH through MO will see at least 1” accumulated with the heavier 3” totals along the KS/OK/MO/AR corner. The Dakotas, MN, and Northern IA will mostly stay dry.
EIA’s weekly Petroleum report including ethanol production data is delayed until Thursday in recognition of Independence Day.
Weekly Crop Progress data showed, the corn crop reached 8% silking nationally. Including 4% in IA, 5% in IL, and 3% in NE. The average pace would be 9% nationally, and 4%, 13%, and 3% respectively for those states. Crop condition ratings were 1 point better on the Brugler500 Index to 340. The most notable changes from last week included sharp drops for CO, KS, and MO vs. improvements in IL, IN, IA, MI, MN, and SD.
The monthly Grain Crushing data had 437.54 mbu of corn used for ethanol production in May. The trade was looking for NASS to report 431.3 mbu. That set the season’s total at 3.835 bbu, or 73% of the forecast with Q4 remaining.
Sep 23 Corn is at $4.89 3/4, up 1 3/4 cents,
Nearby Cash is at $5.28 1/4, up 1 3/4 cents,
Dec 23 Corn is at $4.96 1/4, up 2 3/4 cents,
Mar 24 Corn is at $5.07 3/4, up 3 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. For more information please view the Barchart Disclosure Policy here.
