The Thursday session ended with nickel gains in corn after a an 8 ¼ cent range. December futures are now up 11 cents for the week’s move, with Friday (and its USDA Grain Stocks report) to go. Barchart’s cash data shows the ECB basis has fallen from -20c at the start of the month to -37 cents by Thursday. Comparatively the WCB basis dropped a dime during September to -25 cents.
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. Wire sources indicate China may have booked between 500k MT and 1 MMT of Ukrainian corn for Oct-Dec shipment.
Ahead of the Quarterly Grain Stocks report on Friday 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.
Brazil’s Anec estimated Sep corn shipments at 9.6 MMT, up 2.75 MMT (40%) yr/yr.
Dec 23 Corn closed at $4.88 1/2, up 5 1/4 cents,
Nearby Cash was $4.60 7/8, up 5 1/8 cents,
Mar 24 Corn closed at $5.03 1/4, up 5 cents,
May 24 Corn closed at $5.11 3/4, 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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