Corn Settles Higher in Front Months

Corn futures saw some buying on Wednesday, with nearby contracts fractionally to 4 cents higher. Deferred contracts were down 2 to 3 ½ cents. 

EIA data released this morning showed production dropping to 983,000 barrels per day in the week that ended on August 12. That was a 39,000 bpd reduction from the previous week. Even as output was cut, stocks were up 190,000 barrels to 23.446 million barrels implying lower demand. 

Ahead of Thursday’s Export Sales report, traders are expecting USDA to show 0-400,000 MT in old crop sales. New crop is seen at 300,000-700,000 MT. 

The Buenos Aires Grain Exchange expects Argentine corn acreage in 22/23 to total 7.5 million hectares (18.5 million acres), down from 7.7 million hectares (19 million acres) the year prior.

Sep 22 Corn  closed at $6.15, up 4 cents,

Nearby Cash   was $6.69 5/8, up 2 5/8 cents,

Dec 22 Corn  closed at $6.12, up 1 3/4 cents,

Mar 23 Corn  closed at $6.19 1/4, up 1 1/4 cents,

New Crop Cash   was $5.78 3/8, up 1 3/4 cents,