Corn Futures Trading in the Black

Front month corn futures are currently 1 1/4 to 2 3/4 cents in the black so far for Thursday. December is still below the $5 mark. 

CONAB raised their corn production forecast by 2.19 MMT to 129.96 MMT. Much of that came via 2nd crop yield hikes to Mato Grosso, Goias, and Sao Paulo. USDA is currently using a 133 MMT figure for Brazil’s 22/23 production. The Rosario Grains Exchange released their preliminary estimate for 23/24 corn production at 56 MMT, compared to Argentina’s ~34 MMT crop currently being harvested. 

USDA’s weekly Export Sales data had 150,434 MT of corn booked for 22/23 delivery during the week that ended 8/3. The new crop sales were came in at 758,366 MT. That was above the high end of estimates led by sales to Mexico. The data had total forward sales at 5.973 MMT, a 26% lag from last year’s pace. 

Ukraine’s Ag Ministry showed MYTD grain exports have reached 2.76 MMT through July and the first week of August. That includes 1.33 MMT of corn. Total grain output is estimated to be within 50-55 MMT, similar to 53 MMT last year but still well under the 86 MMT record in 2021. 

Sep 23 Corn  is at $4.83 1/2, up 2 1/2 cents,

Nearby Cash   is at $5.23 1/4, up 2 3/8 cents,

Dec 23 Corn  is at $4.96 1/2, up 2 1/4 cents,

Mar 24 Corn  is at $5.09 3/4, up 1 1/2 cents,