The corn market ended the session with 2 ½ to 4 ¾ cent gains and offset the Monday weakness to start the week. December saw a 9 ¼ cent range for the session.
NOAA’s 7-day QPF has harvest delaying rain in the forecast from MT through AR, with accumulations of over 4” in OK/ S. KS. The Dakotas will see 2-3” of accumulated rainfall. ECB fields will remain more dry.
Crop Progress data had 90% of the corn crop in the dent stage, while 54% was mature as of 9/17. NASS showed corn harvest advanced 4% points to 9% complete – which remains 2 ppts ahead of average. The remaining condition ratings scored a Brugler500 rating of 332, 5 points lower from last week.
Wire sources had Taiwan as buyers for 65k MT of corn from Brazil. South Korea’s NOFI is on the market for 138k MT of corn. Iran is also looking for 180k MT of corn.
Dec 23 Corn closed at $4.76 1/4, up 4 3/4 cents,
Nearby Cash was $4.50 3/4, up 3 7/8 cents,
Mar 24 Corn closed at $4.90 1/2, up 4 3/4 cents,
May 24 Corn closed at $4.99, 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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