Midday corn prices are 2-3 cents off their lows but still 1 ½ to 2 ¼ cents in the red.
Safras and Mercado estimated Brazil’s first crop at 26.86 MMT, down from their prior 26.9 MMT forecast. They have the total output forecasted at 135.7 MMT, 300k MT above the prior forecast.
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 is at $4.87 1/4, down 1 1/2 cents,
Nearby Cash is at $4.53 1/2, down 1 3/8 cents,
Mar 24 Corn is at $5.02, down 1 3/4 cents,
May 24 Corn is at $5.10 1/2, down 1 3/4 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.
/NVIDIA%20Corp%20logo%20on%20phone-by%20Evolf%20via%20Shutterstock.jpg)
/A%20concept%20image%20of%20a%20flying%20car_%20Image%20by%20Phonlamai%20Photo%20via%20Shutterstock_.jpg)
/Amazon%20-%20Image%20by%20bluestork%20via%20Shutterstock.jpg)
/Delta%20Air%20Lines%2C%20Inc_%20billboard-by%20monticello%20via%20Shutterstock.jpg)