The midday corn futures prints are 3 ½ cents off the session highs, reducing the week’s draw down for the last trading day of the week. Futures are still holding fractionally t 1 ¾ cents in the black at midday. March is still at an 11c loss for the week’s move.
USDA’s National Ethanol report had ethanol prices ranging from $1.40 to $1.59/gal regionally for the week. That was mostly unch to 3c weaker. DDGS were quoted from $185/ton in MI to $236/ton in MO with most sales $5-$10 weaker on the week. Regional corn oil prices ranged from 44.82 cents to 46 cents/lb, within 2 cents/lb of last week.
USDA reported 1.3 MMT of old crop corn was booked during the week that ended 2/8. That was a 12-wk high for export sales. Corn shipments were 903k MT for a season total of 17.96 MMT (+31% yr/yr). Outstanding sales are 40% ahead of last year with 18.26 MMT on the books.
The International Grains Council tightened their outlook for 23/24 global corn carryout by 1 MMT to 286 MMT. That came despite a 4 MMT increase to global production, adopting the USDA NASS Corn Crop Production number from January.
Mar 24 Corn is at $4.18 1/2, up by 3/4 cent,
May 24 Corn is at $4.30 3/4, up by 1 cent,
Jul 24 Corn is at $4.41 3/4, up by 1 1/2 cents,
Dec 24 Corn is at $4.58 1/2, up by 1 3/4 cents,
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