The corn market started the week with 2 to 3 cent gains across the front month futures. December prices kept in a tighter 6 cent range, split evenly near +/-3 cents.
USDA’s weekly Crop Progress report had 97% of the crop in the dough stage, and 82% denting. The weekly update had 34% mature, from 18% last week and 28% on average. NASS showed 5% of the crop was harvested as of 9/10. That compares to 4% on average, with TX at 62% harvested and KS at 17%.
The weekly Export Inspections data showed 623,862 MT of corn was exported for the first week of the new MY. That is up from 783k MT last week and 474k MT during the same week last year. The report marked China and Mexico as the top destinations, each with over 200k MT.
India seeks to rase ethanol blending to 20% as part of the Global Biofuel Alliance discussed at the G-20 summit.
Analysts are looking for corn ending stocks on Tuesday to be 60.2 mbu tighter for new crop, but 2.6 mbu looser for old crop at 2.142 bbu and 1.459 bbu respectively. The survey respondents estimate USDA will publish a 173.5 bpa national average corn yield on Tuesday. That’d be a 1.6 bpa loss vs. August. The full range of estimates runs from +0.2 to -4.1 bpa. That would set corn output expectations near 15.013 bbu. Harvested acreage is a wildcard, with NASS incorporating administrative data (aka FSA program numbers) into its estimates.
Sep 23 Corn closed at $4.71 1/4, up 2 3/4 cents,
Nearby Cash was $4.62 1/2, up 1 1/2 cents,
Dec 23 Corn closed at $4.85 3/4, up 2 cents,
Mar 24 Corn closed at $5.00 1/4, up 2 1/4 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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