The last trading day of February has futures rounding out the month mixed at midday. March futures are up by a penny on First Notice Day, though the other nearbys are fractionally to 2 cents lower.
USDA reported corn bookings were 1.08 MMT for the week that ended 2/22. That was up from 820k MT the week prior and was inline with expectations. New crop sales were listed at 165k MT for the week which brough the total forward book to 1.62 MMT – that remains 5% ahead of this point last year. Old crop commitments are 30% ahead of last year’s pace with 38.12 MMT.
Algeria is tendering for 80k MT of corn. Iran is on the market for 120k MT of each corn, soymeal, and barley. Wire sources have Taiwan on the market for 65k MT of corn.
Traders are looking for NASS to report 445.9 mbu of corn use for ethanol in the monthly Grain Crush report. That would be up 1.1% if realized in tomorrow’s release.
EIA reported ethanol producers averaged 1.078 million barrels of output per day through the week that ended 2/23. That was down from 1.084m bpd for the week prior. Ethanol stocks increased by 520k barrels for the week to 26.022 million barrels.
Mar 24 Corn is at $4.14 1/4, up 1 cent,
Nearby Cash is at $3.97 5/8, down 1/4 cent,
May 24 Corn is at $4.28, down 1/2 cent,
Jul 24 Corn is at $4.39 3/4, down 1/2 cent,
Dec 24 Corn is at $4.61, down 2 1/4 cents,
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