Front month corn futures are fractionally weaker to 6 cents in the red at midday. The December contract had been down by a dime and below the $5 mark earlier in the session, but is currently 3c above the round number.Â
Traders expect between 150k and 500k MT of old crop corn bookings for the week that ended 7/27. New crop bookings are estimated between 200k MT and 700k MT going into the update.Â
USDA’s NASS reported 441.48 mbu of corn was used for ethanol production in June. That was a 0.6% increase from last month and slightly above the trade average guess but was down 0.6% from June ’22. USDA’s running total for the year reached 4.278 mbu, or 81.9% of the WASDE forecast. The 5-year average pace would be 82.8% of the full year total with 2 months left.Â
USDA’s ag attaché increased projected 23-24 Argentina corn plantings 250,000 hectares, boosting the unofficial production estimate to 55 MMT. Projected exports are down 500,000 MT to 40 MMT.Â
Russia announced intentions to impose an 8% tariff on exported fertilizer over the next 18 months.
Sep 23 Corn  is at $4.91, down 6 cents,
Nearby Cash  is at $5.32 1/4, down 5 1/8 cents,
Dec 23 Corn  is at $5.03, down 4 1/4 cents,
Mar 24 Corn  is at $5.16, down 3 3/4 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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