
Thursday’s bounce left corn futures with a 1 1/4 to 4 1/2 cent recovery. That was enough to move December ’21 back to a premium to red Dec ’22. The HRW / corn spread was seen back at levels not seen since April of this year @ $2.14 1/4. cmdtyView cash data has the Dec spread at $2.09 3/4. The Dollar Index was weaker again on Thursday.
Going into the weekly Export Sales report, the trade expects to see between 700k and 1.6 MMT of corn booked. Projecting 22/23 bookings the trade expects fewer than 20k MT.
FranceAgriMer reported a potential reduction to the 2022/23 corn area citing expensive nitrogen costs. Barchart’s Fertilizer Prices Sector has continued to climb since August.
EIA data showed ethanol producers averaged 1.032 million barrels/day through the week that ended 10/08. That was up from 978k bpd during the week prior and was the first million+ production average since July.
Dec 21 Corn closed at $5.16 3/4, up 4 1/2 cents,
Nearby Cash was $4.96 1/3, up 4 5/8 cents,
Mar 22 Corn closed at $5.25 3/4, up 3 3/4 cents,
May 22 Corn closed at $5.31, up 3 cents,