The AM corn trade has the board fractionally to 1 ¼ cents lower early on Friday. Front month corn prices started out the session firmer, but closed the narrow range day 1 ¾ to 2 ¼ cents in the red. Preliminary open interest showed some light net new selling, rising 2,846 contracts.
The weekly EIA data showed producers averaged 1.107 million barrels of ethanol output daily during the week that ended 12/22. That was a 36k bpd increase for the week, and nearly a new record output trailing only the 1.108 million bpd record from Dec 1 ’17. Ethanol stocks increased 611k barrels for the week to 23.517 million – a 35-wk high.
Estimates ahead of the weekly Export Sales report show traders are looking for between 600k MT and 1.2 MMT of corn bookings for the week that ended 12/21. New crop corn sales are estimated below 25k MT.
Brazil’s ANEC projects corn exports at 6.96 MMT for the month of December. That is down from the 7.17 MMT prior estimate, with the month ending on Sunday.
Mar 24 Corn closed at $4.74 1/4, down 2 1/4 cents, currently down 1 1/4 cents
Nearby Cash was $4.47 1/4, down 2 1/8 cents,
May 24 Corn closed at $4.86 1/2, down 2 cents, currently down 1 1/4 cents
Jul 24 Corn closed at $4.96, down 2 cents, currently down 1 1/4 cents
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Disclosure Policy here.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
