The corn futures ended the first trade day of the week with 1 ¾ to 5 ¼ cent losses. Dec saw a 6 ¾ cent range for the day, but stayed under the $5 mark at the high and closed at the session low.
NOAA’s updated 7-day QPF shows heavy harvest delaying rainfalls of +3” from N.W. Michigan through C. Texas. Weekly NASS data showed the national corn harvest advanced 14% points to 59% complete. That is even with last year and is 5% points ahead of the 5-yr average. At the state level, NE was 62% finished (+13ppts from av), IA was marked 62% finished (+15ppts), and IL was 70% done (+3ppts from av).
USDA’s weekly Export Inspections data showed 437k MT (17.2 mbu) of corn was shipped during the week that ended 10/19. That was a 1.1 mbu lighter volume for the week and was 1.4 mbu under the same volume last year. The report showed the season’s total shipment was 4.402 MMT (173 mbu), compared to 3.77 MMT (148 mbu) last year.
The Ukrainian Ag Ministry reported 39.2 MMT of grain harvest as of 10/20, including 9.3 MMT of corn (+144% yr/yr).
The International Grains Council reduced their forecast for 23/24 corn output by 3 MMT to 1.219 billion MT. Carry-in was also reduced with few changes made on the usage side, for a 6 MMT lighter ending stocks.
Dec 23 Corn closed at $4.90 1/4, down 5 1/4 cents,
Nearby Cash was $4.61 3/4, down 5 3/8 cents,
Mar 24 Corn closed at $5.04, down 5 cents,
May 24 Corn closed at $5.12, down 4 1/2 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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