Midweek Losses for Corn Futures Market

Wednesday corn trading left the board in the red with another 3 1/4 to 6 3/4 cent losses. For the December contract that took prices back to the small gap out of the weekend and left futures below the 100-day MoAv, which was broken Monday for the first time since June. Futures went home 9-10 cents off their lows for the day. 

USDA announced the regular weekly Export Sales data will be unavailable until Sep 15th, and will revert back to the legacy reporting system until the new system is sufficient. 

EIA reported ethanol producers averaged 970k barrels of ethanol production per day through the week that ended 8/26. That was down 17k barrels per day from the prior week’s production as a 17 week low. The ethanol stockpile shrank 274k barrels (1.15%) to 23.533 million barrels. 

Private analyst Cordonnier sees the ‘22 U.S. corn yield as 170 bpa flat, down 3 from his prior estimate. The annual Allendale producer survey expects the national average corn yield to be 172.4 bpa. USDA used 175.4 bpa in the August balance sheets. 

AgRural reported Brazil’s 2nd crop harvest reached 94.2% complete. That was up from 89.5% last week and compares to 89% during the same week last year. Datagro estimated the 2022/23 Brazilian corn crop at 120.5 MMT, on a 25.8 MMT first crop. 

France’s Agritel estimates a 20-yr low corn harvest of just 10.8 MMT citing the prolonged drought. 

Sep 22 Corn  closed at $6.73 3/4, down 6 cents,

Nearby Cash   was $7.14 5/8, down 10 1/8 cents,

Dec 22 Corn  closed at $6.70 1/2, down 6 3/4 cents,

Mar 23 Corn  closed at $6.76 1/2, down 6 3/4 cents,

New Crop Cash   was $6.46 3/8, down 1 3/4 cents,