Corn prices remain on a slow, steady trend lower. About 54 percent of the corn crop is in the mature stage and harvest inched up 2 points to now 9 percent complete as of Sep 18’s crop progress update. 

China’s Ag minister is reporting their corn crop is record large at 285 MMT vs. USDA’s 277 MMT. China’s estimate is surprisingly high considering excessive rains and rumors of their crop being challenged this year. 

Ethanol output last week was a four-month low at 980,000 barrels per day. The peak driving season is now past us and a trend lower on ethanol production should be expected despite good margins. 

Conab put their latest estimate on the Brazilian 2023/24 corn crop at 119.8 MMT, well below USDA’s projection of 129 MMT. 

Crude oil prices continue to hover right around $90 per barrel, perhaps reaching a ceiling after rallying the last two months. 

The full version of this commentary appeared on our IQ platform Sep. 22, 2023. Further information, statistics, and pricing for the corn market are available to IQ subscribers. Learn more about becoming a subscriber.

Posted by: Information Services
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