Friday Corn Futures Fractionally Higher at Midday

The corn market has widened the session trading range from ~4 cents overnight to over 7 cents (Dec) after setting new highs for the day. Prices have backed off into midday but are still fractionally to a penny higher across the front months. 

USDA’s weekly Ethanol report showed cash prices ranged from $2/gal in SD/MN to $2.11/gal in IL. For the most part ethanol was UNCH to 30 cents weaker regionally. DDGS were mostly lower by $5 to $15/ton for the week, with cash prices from $180-$220/ton regionally. Cash corn oil prices were mostly a penny higher from 65 to 70 cents/lb. 

NOAA’s updated 7-day QPF shows little rain to finish things off as corn crops begin reaching maturity. The forecast has some precip for CO into KS, with a small 1 ¼” pocket in IL. Most of the corn belt will see less than ¼” of rain next week. 

BAGE estimates Argentina’s planted area will expand nearly 3% to 7.3m HA (16m acres). They also mentioned beneficial El Nino rain patterns expected to alleviate drought conditions beginning Q4 ’23 into Q1 ’24. 

Day 4 of the ProFarmer Crop Tour put the Iowa average corn yield at 182.8 bpa, 0.72% below the 3-year average.  The Tour samples for Minnesota pointed toward a state average yield of 181.34 bpa, down 3.35% from the 3-year average.

USDA reported 22.7k MT of old crop corn cancelations and 673.5k MT of new crop bookings for the week that ended 8/17. 

South Korea’s NOFI booked 68k MT of corn via tender. The MFG purchased 66k MT. Taiwan’s MFIG booked 65k MT of corn from Brazil. Egypt’s GASC canceled a tender for corn citing high prices. 

Sep 23 Corn  is at $4.72 1/2, up 1/4 cent,

Nearby Cash   is at $5.05 3/8, down 3/8 cent,

Dec 23 Corn  is at $4.89 1/4, up 1 cent,

Mar 24 Corn  is at $5.04 1/4, up 1 1/4 cents,