Corn prices are starting the day session with ½ to 1 cent losses in early Thursday futures action. Front month corn futures were mostly higher on Wednesday, but settled within 1 ½ cents of UNCH. The Sep contract was down by ¼ cent at the close for a mixed day across the nearby contracts. Preliminary open interest rose 11,857 contracts on Wednesday, suggesting a little fresh buying interest or perhaps front running of the index fund weighting changes calling for more corn in 2024.
The weekly EIA data will be released later today after the New Year’s Day delay. Monthly EIA data confirmed October’s annualized ethanol production capacity was 17.721b gallons – even with Sep.
The monthly NASS Grain Crush report saw 454.987 mbu of corn used for ethanol production during November ’23. That was a 1% dip from October’s draw but was 1% above Nov ’22. Pre-report estimates ran around 451 mbu. The season’s total reached 1.345 bbu for Q1. That is 58 mbu ahead of last year’s pace.
Mar 24 Corn closed at $4.65 1/4, up 1 1/2 cents, currently down 1 cent
Nearby Cash was $4.38 3/4, up 2 1/8 cents,
May 24 Corn closed at $4.78, up 1 cent, currently down 1 cent
Jul 24 Corn closed at $4.88 1/4, up 1/2 cent, currently down 1 cent
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