The corn market ended the session with 3 ¼ to 6 ¼ cent gains to start the short week.
Barchart lowered their cmdtyView Corn Yield by 0.27 to 177.64 bpa.
USDA’s weekly Crop Progress report had 93% of the corn crop was in or pas the dough stage as of 9/3. NASS also had 67% of the national crop was dented. The report had 18% mature, up from 9% last week and 2 ppts ahead of the average pace.
Brazil’s AgRural reported that Center-South harvest reached 88% complete, compared to 83% last week and 98% at the same point last year. First crop planting for 23/24 reached 13% complete, up from 8% last week and 9% LY. The weekly report also put the national sorghum harvest at 19% complete, with 67% for TX 2% for KS and 21% for the 5-yr average.
USDA reported 481,309 MT of corn was shipped during the week that ended 8/31. That finished the season with 37.263 MMT via the weekly reports – that’s 90.3% of the forecasted total, though the monthly reports will be higher.
French corn (Matif futures) is trading at the lowest levels since Russia invaded Ukraine, despite severe logistics limitations on Ukraine exports.
Sep 23 Corn closed at $4.71, up 6 1/4 cents,
Nearby Cash was $4.66 3/8, up 2 7/8 cents,
Dec 23 Corn closed at $4.86, up 4 1/2 cents,
Mar 24 Corn closed at $5.01, up 4 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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