Corn futures spent time on both sides of UNHC on Wednesday, with May printing a 6 ¼ cent range. At the close, old crop prices were fractionally weaker while new crop was fractionally higher.
Pre-report estimates have corn sales ranging from 800k MT to 1.4 MMT for the week that ended 3/7. New crop bookings are expected to show less than 50k MT sold.
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.
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.
May 24 Corn closed at $4.41 1/4, down 1/2 cent,
Nearby Cash was $4.15 3/4, down 3/8 cent,
Jul 24 Corn closed at $4.53 1/2, down 1/4 cent,
Dec 24 Corn closed at $4.73, up 1/4 cent,
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.
