Friday’s corn market is down by 4 to 6 ¼ cents so far, reducing the weekly gain for Dec to a net 5 ¼ cents.
USDA’s weekly Ethanol report showed the cash market was mostly weaker within 5c of UNCH ranging from $1.70/gal to $1.93/gal regionally. DDGS prices were higher by $2-$12/ton ranging from $190 to $235 regionally. The cash corn oil trade was mostly 1-4 cents stronger, with W. IA and IL down a penny for the week. Prices were shown from 52 to 59 cents/lb.
The latest forecast from the International Grains Council put world corn production at 1.223 billion MT, a 4 MMT increase from October’s outlook. Stocks increased by 2 MMT with trade grabbing the other 2, to 285 and 171 MMT respectively.
The weekly FAS data showed 1.81 MMT of corn (~71 million bushels) was booked during the week that ended 11/9. The full year commitments are now at 21.1 MMT (830 mbu).
Buenos Aires Grains Exchange reduced the planted area for corn by 3% to 7.1m HA (~17.6m acres).
AgRural reported the 1st crop Brazilian corn planting reached 76% complete in the C-S region, that is 10ppts more through the week and is faster than the 70% last year. Refinitiv lowered their forecast for Brazilian corn production by 3% to 121.3 MMT – citing delayed 1st crop planting.
Dec 23 Corn is at $4.68 3/4, down 6 cents,
Nearby Cash is at $4.42 3/8, down 6 cents,
Mar 24 Corn is at $4.86 1/2, down 6 3/4 cents,
May 24 Corn is at $4.97 1/4, down 6 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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