Corn traded higher on Monday, before net new selling lower on report day. So far for the midweek session the market is back up by 3 ½ to 4 ¾ cents. For the week, December sits at a net 2 ¼ cent loss.
EIA reported ethanol production averaged 103.9m barrels per day for the week that ended 9/8. That was 27k bpd above last week. Stocks declined by 450k barrels to 21.2 million.
USDA’s monthly Crop Production report had corn yield 1.3 bpa lower @ 173.8 bpa, with -7 for NE and -3 for each IA and IL. NASS also lifted the corn area by 800k acres to both planted and harvested. That left production 23 mbu higher – compared to the nearly 100 mbu cut expected. There were no demand changes made for new crop, thus the carryout was set at 2.221 bbu.
Global corn numbers were for slightly higher output, reflecting the U.S. and Ukraine. Carryout was upped by 3 MMT to 314 MMT. Brazil was loosened via carry-in, and Argentina offset Ukraine’s boost. China’s CASDE estimated 23/24 corn output at 284.9 MMT.
Sep 23 Corn is at $4.62 1/2, down 3/4 cent,
Nearby Cash is at $4.58 5/8, up 4 1/2 cents,
Dec 23 Corn is at $4.80 3/4, up 4 1/4 cents,
Mar 24 Corn is at $4.94 3/4, up 3 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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