Midday corn prices are UNCH to fractionally higher so far through the midweek session. The May contract has stayed within a 6 ¼ cent range on the day, with time spent on each side of UNCH. Some traders are already rolling out of May contracts into July, ahead of the major index fund rolls beginning at month end (which is also the Easter holiday weekend).
NASA’s GRACE shows soil moisture is insufficient at the root zone and much dryer than last year from Southern Minnesota through Missouri and from parts of NE/KS through OH. South Dakota, W. NE, most of KS, OK, and TX are all improved vs this time last year.
Weekly data from EIA showed ethanol producers averaged 1.024 million barrels of output per day during the week that ended 3/8. That was down from 1.057 million bpd the week prior and was a 5-wk low. Ethanol stocks dropped 269,000 barrels to 25.782 million, which was a 3-wk low.
CONAB trimmed their production estimate for Brazilian corn output by 944k MT to 112.75 MMT. Of that, first crop was cut by 194k to 23.4 MMT and second crop was 750k MT lighter at 87.5 MMT. Planting progress for that winter corn has been running ahead of year ago, but isn’t quite wrapped up. USDA’s most recent estimate is 124 MMT.
May 24 Corn is at $4.41 3/4, unch,
Nearby Cash is at $4.15 1/8, up 0 cent,
Jul 24 Corn is at $4.53 3/4, unch,
Dec 24 Corn is at $4.72 3/4, unch,
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