Corn Closed Monday with Double Digit Gains

The Monday session started the new week and the new month with double digit gains of over 2% across the corn market. That set the Mar contract back above the $5 mark, though Dec remains at  a 15c discount. 

The weekly Crop Progress report showed 82% of the corn crop was mature and 23% was harvested as of 10/1. Harvest had advanced 8% points through the week and remains 2 ppts ahead of the average pace. The report’s condition ratings converted to a 339 on the Brugler500 Index, a 1 point increase for the week with 1 additional E from G. 

NASS reported August’s ethanol pull at 442.6 mbu, from 455 in July and 430.6 in Aug ’22. That set the full 22/23 MY draw at 5.177 bbu. 

USDA announced a 210k MT corn sale to Mexico this morning. 

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  closed at $4.88 3/4, up 12 cents,

Nearby Cash   was $4.54 1/1, up 7 3/8 cents,

Mar 24 Corn  closed at $5.03 3/4, up 12 cents,

May 24 Corn  closed at $5.12 1/4, up 11 3/4 cents,