Corn prices are fractionally to 1 ¾ cents in the red in the run up to this morning’s USDA Grain Stocks report. The Thursday session ended with nickel gains in corn after a an 8 ¼ cent range. Preliminary open interest showed more net new buying, but was up only 3,517 contracts this time. 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.
Ahead of this morning’s Quarterly Grain Stocks report (11 AM CDT) 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 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.
Wire sources indicate China may have booked between 500k MT and 1 MMT of Ukrainian corn for Oct-Dec shipment, generating lots of speculation about how they intend to get it delivered.
Dec 23 Corn closed at $4.88 1/2, up 5 1/4 cents, currently down 1 3/4 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, currently down 1 1/2 cents
May 24 Corn closed at $5.11 3/4, up 5 cents, currently down 1 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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