Corn prices are down 4 to 5 cents across the front months so far on Wednesday morning. Futures posted losses of a penny to 5 cents across the board on Tuesday, as the fund selling continues. Open interest was down 13,199 contracts in the front month December. The CmdtyView national average Cash Corn price as 4 3/4 lower cents at $4.23 3/4.
The average close for December corn in October has been $4.87, as the October is used to determine the harvest price option for crop insurance.
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The Monday Crop Progress report showed 44% of the US corn harvest complete as of October 18, with 8 percentage points behind the average pace. Harvest pace was lagging in IA (-24%), MI (-28%), NE (-11%), OH (-12%), and SD (-18%). Condition ratings were steady this week at 56% in good to excellent condition, with the Brugler500 index a single point higher at 347.
Harvest should be able to roll along this next week, with the 7-day QPF from NOAA showing very little precip across much of the Corn Belt this next week.
ANEC estimates the Brazilian corn exports at 6.87 MMT for October, a 0.46 MMT increase from last week. That would be a 5.68% increase from last year if realized.
Taiwan purchased 65,000 MT of corn in a tender, with the expected origin from Brazil.
Dec 26 Corn closed at $4.62, down 5 cents, currently down 4 1/2 cents
Nearby Cash was $4.23 3/4, down 4 3/4 cents,
Mar 27 Corn closed at $4.76, down 4 1/2 cents, currently down 4 1/4 cents
May 27 Corn closed at $4.84, down 4 1/2 cents, currently down 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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