The corn market is currently 2 to 4 cents in the red. Dec futures are 1 ½ cents off the session low for a 7c range so far.
USDA’s National Weekly Ethanol report showed cash prices were mainly steady to a penny lower with last week from $2.25 to $2.38/gal. DDGS were shown from $180 to $220/ton regionally, mostly $5-$15 weaker. Corn oil quotes averaged 65 to 70 cents for the week regionally, mostly 1 to 5 cents/lb lower.
BAGE reported corn planting advanced 6.6% points to 13.9% complete as of 10/5. They maintained their expected area as 7.3m HA for the Argentine crop. Coceral dropped their estimate for EU grains by 6.9 MMT to 289.8 MMT citing early summer dryness. FranceAgriMer had corn harvest at 27% complete in France, up 15% points for the week but trailing the 64% pace last year.
The FAS data series showed 1.816 MMT of corn was booked during the week that ended 9/28. Total 23/24 corn commitments were 14.38 MMT (566.3 mbu) for the season, up from 13 MMT at the same time last year.
Dec 23 Corn is at $4.93 3/4, down 3 3/4 cents,
Nearby Cash is at $4.60, down 3 1/2 cents,
Mar 24 Corn is at $5.08 1/2, down 3 3/4 cents,
May 24 Corn is at $5.17 1/4, down 3 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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