Dec-23 continued to make fresh two-month highs the week of Oct. 16, settling at $5.05 per bushel Oct. 19. The contract touched a high of $5.0950 Oct. 20, which triggered profit-taking: Dec-23 futures settled near the low end of the session range at $4.9550, down 9.5 cents from Oct. 19 but still the second highest close in the last six sessions. RSI Oct. 20 was around 54.4 percent. 

Mar-24 futures settled at $5.0900 per bushel, down 8 cents from Oct. 19. 

U.S. corn export sales were decent at 34.7 million bushels. Fresh rumors also circulated the week of Oct. 16 that China is interested in U.S. corn. Total sales on the books are 637 million bushels, now up 17 percent vs. last year. 

Argentina and Brazil continue to deal with unfavorable weather so far this planting season (see below). 

U.S. corn harvest continues to progress—45 percent complete and just ahead of the five-year average of 42 percent. 

The full version of this commentary appeared on our IQ platform Oct. 20, 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
Our Information Services team assists our clients with understanding commodity and ingredient market dynamics. Using our extensive database of intelligence, we also produce regular commodity and commercial market publications covering supply and demand fundamentals, news alerts on events that shape the markets, and resource guides to give you a complete picture of the industries we monitor.