Corn Getting a Wednesday AM Correction
Corn is trading with contracts 3 to 4 cents lower so far on Wednesday morning. Futures found late strength on Tuesday with contracts closing 6 to 10 ¾ cents higher across most contracts. Open interest was up 8,479 contracts on Tuesday. The CmdtyView national average Cash Corn price was up 10 1/2 cents at $4.69.
Monthly Census data showed corn exports during August at 7.422 MMT (292.21.5 mbu), which was a record for the month. That was up 25.71% from July and took the marketing year total to 3.426 bbu. Distillers exports were 1.301 MMT, the second largest August on record. Ethanol exports were a record 211.77 million gallons, up 5.57 % from last year and 6.15% above July.
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Monday’s Crop Progress report showed harvest at 23% complete and 4 percentage points behind the average pace. Harvest was notably lagging in IA (-13%), MI (-12%), NE (-9%), OH (-6%), and SD (-5%). Condition ratings were down 3% this week at 54% in good to excellent condition, as the Brugler500 index 5 points lower at 342.
Brazil’s monthly exports in September totaled 5.21 MMT, which was a 11.96% increase from last month, but 31.09% shy of September last year.
A South Korean importer tendered for 207,000 MT of corn, with a deadline for today.
Dec 26 Corn closed at $5.08, up 10 3/4 cents, currently down 3 1/4 cents
Nearby Cash was $4.69, up 10 1/2 cents,
Mar 27 Corn closed at $5.22 1/4, up 10 3/4 cents, currently down 3 1/2 cents
May 27 Corn closed at $5.29, up 10 1/2 cents, currently down 3 1/4 cents
On the date of publication, Austin Schroeder 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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