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However, corn production in Europe and the United States has declined, and the prospects for an export agreement for Black Sea cereals are uncertain, limiting the decline in
feed prices.
The Chicago Board of Trade (CBOT) December 2022 corn futures closed at around $6.
8425/bushel on Friday, down 0.
8%
from a week ago.
Spot price for U.
S.
Bay 2 yellow corn for October sailing was $8.
8175 per bushel, down 0.
6% from a week ago, and November sailing was quoted at $
8.
2925 per bushel.
EURONEXT EXCHANGE'S NOVEMBER 2022 CORN FUTURES CLOSED AT AROUND 334.
25/MT, DOWN 1.
8% FROM A WEEK AGO, AND MARCH 2023 FUTURES CLOSED AT AROUND 333.
00/MT
.
Argentine corn was quoted at $308/mt FOB in Shanghe, down 1.
6 percent
from a week ago.
8425/bushel on Friday, down 0.
8%
from a week ago.
Spot price for U.
S.
Bay 2 yellow corn for October sailing was $8.
8175 per bushel, down 0.
6% from a week ago, and November sailing was quoted at $
8.
2925 per bushel.
EURONEXT EXCHANGE'S NOVEMBER 2022 CORN FUTURES CLOSED AT AROUND 334.
25/MT, DOWN 1.
8% FROM A WEEK AGO, AND MARCH 2023 FUTURES CLOSED AT AROUND 333.
00/MT
.
Argentine corn was quoted at $308/mt FOB in Shanghe, down 1.
6 percent
from a week ago.
The New York Mercantile Exchange (NYMEX) West Texas Intermediate (WTI) December contract closed at $85.
05 a barrel on Friday, up about 0.
5 percent
from a week ago.
The global benchmark December Brent crude futures were at $93.
50 a barrel, up about 2 percent
from a week ago.
ICE's dollar index closed at 111.
98 points on Friday, down 1.
1 percent
from a week ago.
05 a barrel on Friday, up about 0.
5 percent
from a week ago.
The global benchmark December Brent crude futures were at $93.
50 a barrel, up about 2 percent
from a week ago.
ICE's dollar index closed at 111.
98 points on Friday, down 1.
1 percent
from a week ago.
The U.
S.
corn harvest is ahead of the five-year average
S.
corn harvest is ahead of the five-year average
The USDA's weekly crop progress report shows that the pace of corn harvesting in the United States exceeds the historical average
.
The U.
S.
corn harvest was 45 percent as of Oct.
16, 31 percent a week ago, 50 percent a year ago and a five-year average of 40 percent
.
The corn good rate was 53 percent, compared with 54 percent a week ago and 60 percent
a year earlier.
Before the report, analysts expected the excellent rate to stabilize at 54%.
.
The U.
S.
corn harvest was 45 percent as of Oct.
16, 31 percent a week ago, 50 percent a year ago and a five-year average of 40 percent
.
The corn good rate was 53 percent, compared with 54 percent a week ago and 60 percent
a year earlier.
Before the report, analysts expected the excellent rate to stabilize at 54%.
The low water level of the Mississippi River affects the pace of exports
As the new grain harvest came to market, farmers were unable to get their corn to the port of export in time because of transportation problems caused by low water levels in the Mississippi River
.
Low water levels in the Mississippi River have hampered barge traffic inland to the Gulf of America and raised freight rates, forcing carriers to reduce loading
.
Many exporters are reluctant to publish quotes for this month and part of next month because they are unsure if they are available
.
Some U.
S.
Gulf exporters are purchasing grain by rail to fulfill export contracts
.
Recent weather forecasts show that the weather remains dry overall, meaning the waterways will remain difficult to navigate
, at least at the end of the month.
At present, the corn quotation of the recent shipping schedule in the US Gulf region has risen relative to the forward shipping schedule, and the spot quotation of No.
2 yellow corn for spot shipment is $8.
8175 per bushel, which is higher than the November shipping schedule of $8.
2925, and also much higher than the December shipping schedule of $8.
0675, and the January shipping schedule quotation next year is $7.
96
.
.
Low water levels in the Mississippi River have hampered barge traffic inland to the Gulf of America and raised freight rates, forcing carriers to reduce loading
.
Many exporters are reluctant to publish quotes for this month and part of next month because they are unsure if they are available
.
Some U.
S.
Gulf exporters are purchasing grain by rail to fulfill export contracts
.
Recent weather forecasts show that the weather remains dry overall, meaning the waterways will remain difficult to navigate
, at least at the end of the month.
At present, the corn quotation of the recent shipping schedule in the US Gulf region has risen relative to the forward shipping schedule, and the spot quotation of No.
2 yellow corn for spot shipment is $8.
8175 per bushel, which is higher than the November shipping schedule of $8.
2925, and also much higher than the December shipping schedule of $8.
0675, and the January shipping schedule quotation next year is $7.
96
.
US net corn sales in 2022/23 were 408,300 mt in the week ended Oct.
13, 2022, up from 260,700 mt
a week earlier, the USDA's weekly export sales report showed.
Year-to-date U.
S.
corn export sales, both exported and unexported, were 13.
83 million mt, down 52.
1%
year-on-year.
U.
S.
corn sales to China so far this year totaled 3.
4 million mt, down 71.
5%
year-on-year.
13, 2022, up from 260,700 mt
a week earlier, the USDA's weekly export sales report showed.
Year-to-date U.
S.
corn export sales, both exported and unexported, were 13.
83 million mt, down 52.
1%
year-on-year.
U.
S.
corn sales to China so far this year totaled 3.
4 million mt, down 71.
5%
year-on-year.
Global corn production forecasts have been revised down further
On October 20, the International Grains Council (IGC) lowered its global maize production forecast for 2022/23 by 2 million mt to 1.
166 billion mt, down 4.
2% year-on-year, mainly because the US and EU production declines outpaced China's
production increase.
EU corn production estimates were revised down to 53.
5 million mt from 56.
2 million mt in the previous month, down 24% year-on-year.
U.
S.
corn production was revised down to 353 million mt from 354.
2 million mt in the previous month, down 7.
8%
year-on-year.
China's corn production was revised up 1 percent
year-on-year to 275.
3 million mt from 273 million mt forecast last month.
Global corn ending stocks were revised down by 4 million mt to 257.
7 million mt, well below the previous year's 279.
8 million mt and down 8%
year-on-year.
In its October supply and demand report, the USDA cut its 2022/23 global corn production forecast by 3.
8 million mt to 1,168.
74 million mt, down 4% year-on-year; Period-end inventories were lowered by 3.
3 million mt to 301.
19 million mt, down 1.
9%
y-o-y.
166 billion mt, down 4.
2% year-on-year, mainly because the US and EU production declines outpaced China's
production increase.
EU corn production estimates were revised down to 53.
5 million mt from 56.
2 million mt in the previous month, down 24% year-on-year.
U.
S.
corn production was revised down to 353 million mt from 354.
2 million mt in the previous month, down 7.
8%
year-on-year.
China's corn production was revised up 1 percent
year-on-year to 275.
3 million mt from 273 million mt forecast last month.
Global corn ending stocks were revised down by 4 million mt to 257.
7 million mt, well below the previous year's 279.
8 million mt and down 8%
year-on-year.
In its October supply and demand report, the USDA cut its 2022/23 global corn production forecast by 3.
8 million mt to 1,168.
74 million mt, down 4% year-on-year; Period-end inventories were lowered by 3.
3 million mt to 301.
19 million mt, down 1.
9%
y-o-y.
EU corn production downward, imports upward
French analyst Strategic Grains cut its EU corn production forecast further this week, but higher EU corn imports from Ukraine, combined with lower demand due to a slowing economy, helped ease tight
supplies.
The company expects EU corn production of 50.
4 million mt in 2022, down from 52.
9 million mt forecast in September and nearly 25 percent below the 66.
8 million mt forecast in June, when record drought and heatwave weather caused severe damage
to corn crops in critical growing stages.
If the new production forecast comes true, maize production this year will be 28% lower than the 70.
2 million mt in 2021, the lowest in
15 years.
Strategic Grains boosted EU corn imports in 2022/23 to 23 million mt from 21.
4 million
mt forecast last month, due to a surge in corn imports from Ukraine.
With the arrival of corn from Ukraine (as well as Brazil), the supply crunch
in the European corn market has eased.
Future supplies will depend on the conflict situation in Ukraine and the continuation
of the Black Sea Export Corridor agreement, which expires next month.
But even if the Black Sea export agreement is not renewed after mid-November, Ukraine is likely to continue to ship corn
to the EU by rail, road and river.
supplies.
The company expects EU corn production of 50.
4 million mt in 2022, down from 52.
9 million mt forecast in September and nearly 25 percent below the 66.
8 million mt forecast in June, when record drought and heatwave weather caused severe damage
to corn crops in critical growing stages.
If the new production forecast comes true, maize production this year will be 28% lower than the 70.
2 million mt in 2021, the lowest in
15 years.
Strategic Grains boosted EU corn imports in 2022/23 to 23 million mt from 21.
4 million
mt forecast last month, due to a surge in corn imports from Ukraine.
With the arrival of corn from Ukraine (as well as Brazil), the supply crunch
in the European corn market has eased.
Future supplies will depend on the conflict situation in Ukraine and the continuation
of the Black Sea Export Corridor agreement, which expires next month.
But even if the Black Sea export agreement is not renewed after mid-November, Ukraine is likely to continue to ship corn
to the EU by rail, road and river.
France also raised its EU barley production forecast for 2022/23 by 400,000 mt to 51.
4 million mt from 51 million mt forecast in September, slightly down from 51.
8 million mt
in 2021/22.
The EU's total cereal production in 2022/23 is expected to be 264 million tonnes, down from 264.
6 million mt estimated last month and down from 290.
4 million mt
last year.
4 million mt from 51 million mt forecast in September, slightly down from 51.
8 million mt
in 2021/22.
The EU's total cereal production in 2022/23 is expected to be 264 million tonnes, down from 264.
6 million mt estimated last month and down from 290.
4 million mt
last year.
Argentina may have more corn planted area converted to soybeans
As of Oct.
13, Argentina's corn planting progress had reached just 16 percent, far behind the five-year average of 30 percent, and the overall planting rate was about two weeks behind schedule and the slowest pace
in six years, according to data from the Rosario Exchange.
Persistent drought may prompt farmers to convert some corn fields to soybeans
.
The week ahead is the last time window
for Argentina to sow early corn.
The yield of corn sown early is higher
than that of corn sown late.
13, Argentina's corn planting progress had reached just 16 percent, far behind the five-year average of 30 percent, and the overall planting rate was about two weeks behind schedule and the slowest pace
in six years, according to data from the Rosario Exchange.
Persistent drought may prompt farmers to convert some corn fields to soybeans
.
The week ahead is the last time window
for Argentina to sow early corn.
The yield of corn sown early is higher
than that of corn sown late.
The Buenos Aires Grain Exchange lowered the 2022/23 Argentine corn acreage to 7.
3 million hectares, down from an earlier estimate of 7.
5 million hectares, as drought affected maize plantings and prompted farmers to switch soybeans
.
3 million hectares, down from an earlier estimate of 7.
5 million hectares, as drought affected maize plantings and prompted farmers to switch soybeans
.
Affected by La Niña, the weather in Argentina's agricultural regions continues to be dry and temperatures are higher than normal
.
In the past 60 days, the provinces of Cordoba and Buenos Aires have received less than 50 millimetres of rain, about 20 to 50 per cent of the normal level, following a persistent drought
this year following the start of the previous growing season.
Long-term weather forecasts suggest that rainfall will be close to or below normal
in most parts of Argentina in November.
The provinces of Cordoba and Buenos Aires are more likely to experience normal rainfall than the northern regions, but the likelihood of heavy enough to end the drought is very low
.
.
In the past 60 days, the provinces of Cordoba and Buenos Aires have received less than 50 millimetres of rain, about 20 to 50 per cent of the normal level, following a persistent drought
this year following the start of the previous growing season.
Long-term weather forecasts suggest that rainfall will be close to or below normal
in most parts of Argentina in November.
The provinces of Cordoba and Buenos Aires are more likely to experience normal rainfall than the northern regions, but the likelihood of heavy enough to end the drought is very low
.
