Front month corn futures are trading up a nickel in the Dec contract, and 4 ¼ to 4 ¾ cents higher in the other nearbys. Dec is at the high for the day into the midday prints.
EIA reported the average daily ethanol production was 1.009 million barrels during the week that ended 9/22. That was up 29k bpd week to week. Ethanol stocks were 367k barrels looser to 22.048 million.
Analysts estimate between 475k MT and 1.2 MMT of corn was sold for export during the week that ended 9/21.
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.
Private consultant Cordonnier cut his US estimate to 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.
Brazil’s Anec estimated Sep corn shipments at 9.6 MMT, up 2.75 MMT (40%) yr/yr. 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 is at $4.85, up 5 1/4 cents,
Nearby Cash is at $4.56, up 5 cents,
Mar 24 Corn is at $4.99 3/4, up 5 1/4 cents,
May 24 Corn is at $5.08, up 5 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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