Front month corn prices are down ¾ to 1 ½ cents into the day trade, after falling from 2c gains overnight. Corn futures ended the Tuesday session with 1 ¼ to 2 ¾ cent losses. Dec is still at a 10c gain for the week after two days.
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 US 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 5.179 bbu. That was about 16 mbu below the September WASDE report.
Dec 23 Corn closed at $4.87 1/2, down 1 1/4 cents, currently down 1 1/4 cents
Nearby Cash was $4.53 1/1, down 1 cents,
Mar 24 Corn closed at $5.02 1/4, down 1 1/2 cents, currently down 1 1/4 cents
May 24 Corn closed at $5.10 1/2, down 1 3/4 cents, currently down 1 cent
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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