AM corn trade has the board working off the overnight highs, but still a penny in the black going into the midweek session. Corn ended Turnaround Tuesday down by a penny to 1 ½ cents across the front months. December futures printed a 7c range on the day from -4 ¾ to +2 ¼ cents.
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. There won’t be new crop corn production numbers on Friday, but consultant Cordonnier cut his US estimate eto 171.5 bpa and put production at 14.93 billion bushels. That implies 87.05 million harvested acres. NASS was at 87.096 million in September.
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.
Dec 23 Corn closed at $4.79 3/4, down 1 1/2 cents, currently up 5 cents
Nearby Cash was $4.51, down 2 1/8 cents,
Mar 24 Corn closed at $4.94 1/2, down 1 1/4 cents, currently up 5 cents
May 24 Corn closed at $5.02 3/4, down 1 1/2 cents, currently up 5 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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