Midday corn futures are up by 1 ¾ to 3 ½ cents so far for Thursday.
The weekly FAS report showed 841,783 MT of corn was booked during the week that ended 9/21. That was up 48% for the week and was 44% above the same week last year and was inline with estimates. The report showed Mexico was the top buyer with 261k MT. That set total commitments at 12.57 MMT or 495 mbu. That is 0.7% ahead of last season’s pace.
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.
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.
Brazil’s Anec estimated Sep corn shipments at 9.6 MMT, up 2.75 MMT (40%) yr/yr.
Dec 23 Corn is at $4.87, up 3 3/4 cents,
Nearby Cash is at $4.59 5/8, up 3 7/8 cents,
Mar 24 Corn is at $5.01 3/4, up 3 1/2 cents,
May 24 Corn is at $5.10 1/4, up 3 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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