Corn prices are 1 ¼ to 2 ½ cents lower in early Tuesday futures trading, but are off their overnight lows. Dec saw a 3 ¾ cent range overnight, all of which spent in the red. Corn bulls started the new month on the right foot, with some double digit gains that offset Friday’s sell off. That got the Mar contract back above the $5 mark, with a 15c carry or contango vs. the nearby December.
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 Excellent up from Good.
NASS reported August’s corn use for ethanol was 442.6 mbu, down from 455 in July but above 430.6 in Aug ’22. That set the full 22/23 MY corn use at 5.177 bbu.
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 (~1 Panamax vessel) than the same week last year. The season total reached 2.64 MMT compared to 2.38 MMT at the same point last year.
Dec 23 Corn closed at $4.88 3/4, up 12 cents, currently down 1 1/2 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, currently down 1 1/2 cents
May 24 Corn closed at $5.12 1/4, up 11 3/4 cents, currently down 1 1/4 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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