Midweek follow through for corn has the board another double digits higher with gins of 8 1/4 to 14 1/2 cents through midday. The Dec contract had faded ~15 cents from its early session high.
NOAA’s updated 7-day QPF has rainfall for the Southern Corn Belt in the forecast with accumulations reaching 4” in W. KS, but only 1 1/2 to 2” for MO and KY. Most of IL and IA will miss out, as will the Dakotas and W. MN.
EIA reported ethanol producers averaged 1.07 million barrels of output per day through the week that ended 7/14. That was a new high for production for the year. Ethanol stocks were 508k barrels looser at 23.166 million barrels.
Algeria is seeking 240k MT of corn, to be sourced from South America. Iran is tendering for 180k MT of corn. Chinese corn imports in June 2023 totaled 1.85 MMT from all origins, down 16% from June 2022. Calendar YTD imports at 12.03 MMT are down 11.5% from last year.
Sep 23 Corn closed at $5.41 3/4, up 13 cents,
Nearby Cash was $5.87 3/4, up 12 3/8 cents,
Dec 23 Corn closed at $5.48 3/4, up 14 1/4 cents,
Mar 24 Corn closed at $5.58 3/4, up 14 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.
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