Dec-23 corn futures began the week of Nov. 13 up sharply after reaching two-year lows back on Friday, Nov. 10 at $4.64 per bushel. After Nov. 13’s 13-cent rally, futures calmed down, with the Dec-23 contract currently near $4.70 per bushel.
Argentina’s corn crop is said to be 25 percent planted with conditions ideal. Only 6 percent of the crop is rated in the poor category.
U.S. corn export sales came in strong as anticipated for the week of Nov. 6 at 71 million bushels sold. The pace of sales remains up 33 percent vs. last year.
Brazil’s corn prices have begun to build in some weather risk premium as of late, up near $225 per MT. The U.S. price is at a discount of 10 cents at $215 per MT—still a far cry from Ukrainian prices, way down at $185 per MT.
Brazil’s first crop of corn is now 76 percent planted, just ahead of 70 percent or so planted a year ago.
The full version of this commentary appeared on our IQ platform Nov. 17, 2023. Further information, statistics, and pricing for the corn market are available to IQ subscribers.Learn more about becoming a subscriber.
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