Overnight action kept front month corn prices within a 5c range from -3 to +2 cents. AM corn trade has the board 1 to 2 cents weaker rounding into the midweek session. Front month corn futures ended Tuesday with 4 ½ to 6 ¼ cent losses. December is now down 22 cents in only the past 3 sessions.
Heavy rains expected for the central US over the next few days will slow harvest, but also potentially raise water levels on the river system. A lot more will be needed. There is a lag for any storm surge to work downstream, but that would offer potential for barge freight to back off and upriver basis levels to firm.
EIA data will be published later this morning, showing ethanol production and stocks for the week that ended 10/18.
The Ukrainian Ag Ministry reported 39.2 MMT of grain harvest as of 10/20, including 9.3 MMT of corn (+144% yr/yr). Private consultancy firm APK-Inform expects Ukraine’s total corn harvest will reach 24.8 MMT, an 800k MT cut from their prior figure. They have corn exports estimated at 13 MMT for the year.
Dec 23 Corn closed at $4.84, down 6 1/4 cents, currently up 5 cents
Nearby Cash was $4.54 3/8, down 6 3/8 cents,
Mar 24 Corn closed at $4.98, down 6 cents, currently up 5 cents
May 24 Corn closed at $5.06, down 6 cents, currently up 5 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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