Thursday’s corn market is trading at or near the lows for the day with 5 to 7 ½ cent losses through midday. Yesterday, there was a surge in open interest with +15,305 contracts added despite the little price movement.
The weekly FAS data had 1.283 MMT of corn sold for the week that ended 3/7. That was a 4-wk high and was the 3rd consecutive +1MMT week. Pre-report estimates were looking for between 800k MT to 1.4 MMT. The data had Japan and Mexico as the top buyers for the week each with over 200k MT, and included a previously reported 110k MT sale to Taiwan. Total corn commitments were up to 1.594 bbu. That is 27% above last year’s pace – the WASDE balance sheet has full year exports forecasted 26.4% above last year’s total. There were no new crop bookings for the week, new crop forward sales remain at 1.62 MMT vs 1.86 MMT at the same time last year.
The weekly milo bookings were 5,700 MT exclusively to China. Old crop commitments were marked at 4.94 MMT as of 3/7. That is 228% above last year’s pace –the WASDE balance sheet has full year exports forecasted at +125% yr/yr after the 5 mbu increase in the March report.
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.
May 24 Corn is at $4.33 3/4, down 7 1/2 cents,
Nearby Cash is at $4.08 5/8, down 7 1/8 cents,
Jul 24 Corn is at $4.46 1/4, down 7 1/4 cents,
Dec 24 Corn is at $4.67 3/4, down 5 1/4 cents,
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