Seeing export demand confirmed last week has front month corn futures trading 1.1% to 1.9% in the black on 9c gains.Â
The FAS data series showed 1.816 MMT of corn was booked during the week that ended 9/28. That was near the top end of pre-report estimates and included 1.28 MMT previously announced to Mexico. Mexico had also booked 611k MT of new crop corn during the week. That brough total 23/24 corn commitments to 14.38 MMT (566.3 mbu) for the season, up from 13 MMT at the same time last year.Â
Monthly Census data had August shipments at 2.547 MMT (100.3 mbu). That finished the season with 1.657 bbu of exports.Â
Reports on the wire suggest the heavy rainfall in Southern Brazil is leading to flood events, in some cases damaging the 1st crop corn and causing replanting for certain fields. Safras and Mercado estimated Brazil’s summer crop corn production at 26.86 MMT, down from their prior 26.9 MMT forecast. They now have the total corn output (3 crops) forecasted at 135.7 MMT, 300k MT above the prior forecast.Â
Weekly EIA data showed ethanol producers averaged 1.009m barrels per day through the week that ended 9/29. Ethanol stocks were 164k barrels tighter at 21.884 million.Â
Dec 23 Corn  is at $4.95 1/2, up 9 1/2 cents,
Nearby Cash  is at $4.61 1/2, up 9 5/8 cents,
Mar 24 Corn  is at $5.10 1/4, up 9 1/4 cents,
May 24 Corn  is at $5.18 3/4, up 9 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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