Front month corn prices are working 2 ½ to 4 cents weaker through Tuesday’s midday. That has Dec back to UNCH for the week following the strength on Monday.
Ahead of the Quarterly Grain Stocks report the trade is looking for NASS to report final 22/23 carryout at 1.44 bbu. That would be 13 mbu looser than the WASDE projection. The full range of estimates is to see between 1.32 bbu and 1.51 bbu of corn supplies for Sep 1.
The Ag Rural reported Brazilian 1st crop planting at 25% complete for the Center South region as of 9/21. That is 4 ppts further along for the week, but is down 3% points from the same point last year.
The weekly NASS Crop Progress report had 95% of the corn crop in or beyond the dent stage, which was up 5% points from last week and remains 2 ppts ahead of average. NASS reported 70% was already mature, up 16% points for the week and 10 ppts ahead of average. National harvest advanced 6 ppts to 15% complete – including 38% in IA, 10% in IL, and 15% in NE. The average harvest completion rate is 13% for week 38. National conditions improved 1% good and 1% excellent for a 6 point increase on the Brugler500 to 338. Remaining IA corn was rated at 338 as well, up 5 points for the week, while IL improved a sharp 33 points to 352.
Dec 23 Corn is at $4.77, down 4 1/4 cents,
Nearby Cash is at $4.49 3/4, down 4 3/8 cents,
Mar 24 Corn is at $4.92, down 3 3/4 cents,
May 24 Corn is at $5.00 1/4, down 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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