Grain Spreads: Corn Counting

Sean Lusk General Commentary


New-crop Corn acreage down slightly with yields down 1.6 bushels per acre 10 175.4 versus the average trade guess at 176. The lower yield pushed production by almost 150 million bushels from July. New-crop feed use and exports both cut by 25 million bushels. Overall ending stocks for 2022/23 Corn down 82 million bushels from last month coming in at 1.388 billion bushels which was a bit more than the trade was expecting. World Corn carryout loses 6.25 million metric tons with production down a similar number. Ukraine production rises by 5 MMT but U.S. output loses 3.7 MMT and the E.U. falls by a sharp 8 MMT due to drought in my opinion. The trade will now look to the industry crop tour week starting the week of August 22nd to confirm declining corn yields, while getting an idea on soybean pod counts. That said, Monday nights condition report will weigh especially if conditions for corn and beans stabilize and even move higher on the good to excellent category. 

Trade Ideas






Please join me for a free grain and livestock webinar every Thursday at 3pm Central time. We discuss supply, demand, weather, and the charts. Sign Up Now

Walsh Trading, Inc. is registered as a Guaranteed Introducing Broker with the Commodity Futures Trading Commission and an NFA Member.​

Futures and options trading involves substantial risk and is not suitable for all investors. Therefore, individuals should carefully consider their financial condition in deciding whether to trade. Option traders should be aware that the exercise of a long option will result in a futures position. The valuation of futures and options may fluctuate, and as a result, clients may lose more than their original investment. The information contained on this site is the opinion of the writer or was obtained from sources cited within the commentary. The impact on market prices due to seasonal or market cycles and current news events may already be reflected in market prices. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.​

All information, communications, publications, and reports, including this specific material, used and distributed by Walsh Trading, Inc. (“WTI”) shall not be construed as a solicitation for entering into a derivatives transaction. WTI does not distribute research reports, employ research analysts, or maintain a research department as defined in CFTC Regulation 1.71.

Sean Lusk

Vice President Commercial Hedging Division

Walsh Trading

312 957 8103

888 391 7894 toll free

312 256 0109 fax

Walsh Trading

53 W Jackson Suite 750

Chicago, Il 60604