Midday corn quotes are fractionally to 1 ¼ cents weaker. The September contract is up by ¾ of a cent as the delivery process begins and OI wanes.
The weekly Export Sales data showed old crop corn bookings were 71,737 MT for the week that ended 8/24. That was inline with the expected range and left old crop commitments at 40.6 MMT (1.6 bbu). New corn business was shown at 992k MT, which was near the top end of the expected range. Total forward sales were marked at 8.343 MMT (328.5 mbu), compared to 9.86 MMT (388.5 mbu) LY.
EIA reported 1.007m barrels of ethanol was produced during the week that ended 8/25. That was a 41k barrel decrease for the week but remained +1m barrels for the 14th consecutive week. Stocks were 1.1m barrels tighter at 21.6 million barrels, a 9 month low.
Completion of Brazil’s 2nd crop harvest will see some delays as a front has stalled over center Brazil, and is bringing heavy rain accumulations. The typical wet season begins later in September.
Anec estimates the Brazilian corn export shipments at 9.19 MMT for August, up from 6.89 MMT during Aug ’22.
Sep 23 Corn is at $4.62, up 1/4 cent,
Nearby Cash is at $4.81 3/8, down 5/8 cent,
Dec 23 Corn is at $4.80, down 3/4 cent,
Mar 24 Corn is at $4.95 1/2, down 1 1/2 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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