Corn futures are posting 4 to 6 ½ cent gains so far on the Monday session, following a bull friendly USDA release. The national average Cash Corn price from cmdtyView is up 4 cents at $3.89 per bu.
This morning’s Grain Stocks report showed a surprising 1.76 billion bushels of corn on hand in both on and off farm stocks as of September 1. That came in 400 mbu above the previous year but was 84 mbu below the average trade guess and down from the 1.812 bbu in the September WASDE.
Export Inspections data from this morning showed 1.14 MMT (44.8 mbu) of corn shipped in the week that ended on September 26. That was slightly below the week prior but 70.13% above the same week last year. That tool the marketing year shipments to 3.33 MMT (131.1 mbu), which is 26.7% larger than last year’s start.
Brazil’s first corn crop was pegged at 30% planted in the Center-South Region according to AgRural.
Dec 24 Corn is at $4.24 1/4, up 6 1/4 cents,
Nearby Cash is at $3.89, up 4 cents,
Mar 25 Corn is at $4.41, up 6 cents,
May 25 Corn is at $4.50 1/2, up 5 3/4 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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