The corn market faded 2 to 2 ¾ cents on Tuesday. December futures kept to a relatively tight 4c range on the day.
USDA reported 550,585 MT of corn was exported during the week that ended 10/5. That was a 120k MT drop for the week but was 100k MT above the same week last year. USDA also included 145k MT of delayed data for a 3.244 MMT season total. That is now 14% ahead of last year’s pace.
The weekly Crop Progress update showed 89% of the corn crop was mature as of 10/8, compared to 82% last week and 85% on average. Harvest had progressed 12% points on the week to 34% finished and remains 3% points ahead of average. Conditions were 1 point lower on the Brugler500 Index to 338. The report showed IL and NE were down the most while MI improved by 9 points for the week.
Ahead of the October WASDE and Crop Production reports analysts are looking for a slight reduction to both yield and acreage for a net 20.9 mbu corn production loss on average. The full range of estimates is to see between a 1.8 bpa yield loss and a 1.7 bpa boost with output ranging from 14.95 bbu to 15.28 bbu. Domestic ending stocks are anticipated to come down by 73 mbu to 2.148 bbu. At the average of estimates, that would carry a net demand loss with the 68 mbu tighter carry-in and the projected 20.9 mbu lighter production.
Dec 23 Corn closed at $4.85 1/2, down 2 3/4 cents,
Nearby Cash was $4.53 3/4, down 2 3/8 cents,
Mar 24 Corn closed at $5.01 1/4, down 2 1/2 cents,
May 24 Corn closed at $5.09 1/4, down 2 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.
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