Front month corn futures are down by as much as 1.4% at midday with the board working at or near the daily lows. The average Dec corn price was $4.66, compared to $5.91 last year, for the month of Feb’s crop insurance calculation. CME delivery data had 3 contracts put out for March corn. ADM stopped them and SG Americas issued them.
The tax guidance regarding ethanol based SAF (sustainable aviation fuel) tax guidance was missed with a delay for the legislature. The tax credits are expected to increase ethanol based SAF production.
USDA reported corn bookings were 1.08 MMT for old crop and 165k MT for new crop during week that ended 2/22. Old crop commitments are 30% ahead of last year’s pace with 38.12 MMT.
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 this afternoon’s release.
Mar 24 Corn is at $4.10 1/2, down 5 1/4 cents,
Nearby Cash is at $3.94 3/4, down 5 5/8 cents,
May 24 Corn is at $4.23 1/4, down 6 1/4 cents,
Jul 24 Corn is at $4.34 3/4, down 6 1/2 cents,
Dec 24 Corn is at $4.57, down 6 1/4 cents,
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