The corn market settled Thursday’s trade with 1 to 2 1/4 cent gains. December stayed in a 5 cent range for the session, all of which was below the $5 mark. Carry across the new crop contracts has the deferred months holding above $5.
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.
Sep 23 Corn closed at $4.83 1/4, up 2 1/4 cents,
Nearby Cash was $5.23 1/1, up 2 1/4 cents,
Dec 23 Corn closed at $4.96 1/4, up 2 cents,
Mar 24 Corn closed at $5.10, up 1 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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