Corn Futures Fall on Tuesday
The corn market dropped back on Tuesday with 7 to 9 cent losses across the front months. The Dec/Dec spread remains at a 41 ¼ cent carry. The new crop soy/corn ratio is 2.54.
Census data confirmed the September corn export was 3.165 MMT. That was up from 2.5 MMT during both Aug and Sep ’22. Ethanol exports came in at 122m gallons which was a 36% increase from Sep ’22.
The weekly Inspections data had 535,191 MT of corn exports during the week that ended 11/02. USDA had the season total to date at 5.489 MMT (201.7 mbu), compared to 4.47 MMT last year at this time.
USDA’s Ag Attache reduced their estimate for Brazil’s corn production by 5 MMT to 130 MMT, citing reduced profitability and therefore reduced acreage. USDA’s official estimate is 129 MMT for Brazilian corn – will be updated Thursday.
Survey respondents are looking for USDA to trim the Argentine corn crop by 0.5 MMT on average and the Brazilian crop by 1.4 MMT on average. Global corn carryout is estimated to come in between 307 MMT and 315 MMT from the 312.4 MMT in the October WASDE.
Dec 23 Corn closed at $4.68 1/2, down 8 3/4 cents,
Nearby Cash was $4.42 7/8, down 8 1/2 cents,
Mar 24 Corn closed at $4.83 1/2, down 9 cents,
May 24 Corn closed at $4.93 1/4, down 8 3/4 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.
