The Dec corn contract fell a nickel on Thursday as the other contracts dropped by ¾ of a cent to 4 ¾ cents. The Dec/Dec carry widened to 40 ½ cents at the close.
Weekly Export Sales data showed 748k MT of corn was sold during the week that ended 10/26. That was a 45% drop from the prior week and was below the expectations. Exports were 506k MT for the week bringing the season total to 4.99 MMT. That compares to 4.143 MMT last year.
Monthly NASS data had the September corn use for ethanol at 430 mbu, which was down 12 mbu from August but was 47 mbu above Sep last year and larger than expected. The weekly EIA report showed 1.052m barrels of ethanol was produced daily during the week that ended 10/27, and ethanol stocks fell by 386k barrels to 21.012 million (the lowest inventory since December 2021).
South Korea’s MFG reportedly booked 132k MT of corn to be sourced from optional origins. The South Korean KFA is on the market for 136k MT of optional origin feed corn. Iran is seeking 180k MT of corn. Brazilian corn exports totaled 8.45 MMT in October, according to a preliminary government estimate. That would be up 24% from 2022.
Dec 23 Corn closed at $4.70, down 5 cents,
Nearby Cash was $4.43 1/8, down 4 3/4 cents,
Mar 24 Corn closed at $4.85, down 4 3/4 cents,
May 24 Corn closed at $4.94 1/4, down 4 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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