Corn futures are back above the $5 mark in the May and March contracts with 9 cent gains across the board. Dec is still at a 15c discount as the lead month. Open interest again increased with harvest progress, rising 7,655 contracts on Friday.
USDA’s weekly Inspections data showed 625k MT of corn was exported during the week that ended 9/28. That was down 85k MT from last week and was 60k lighter than the same week last year. The season total reached 2.64 MMT compared to 2.38 MMT at the same point last year.
Friday’s quarterly data had 1.361 bbu of corn stocks on Sep 1, implying Q4 demand at 2.746 bbu The carryout and use discrepancies led USDA to revise the 2022 crop size to 13.715 bbu (-15 mbu).
Dec 23 Corn is at $4.86 1/2, up 9 3/4 cents,
Nearby Cash is at $4.51 1/8, up 4 5/8 cents,
Mar 24 Corn is at $5.01, up 9 1/4 cents,
May 24 Corn is at $5.10, up 9 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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