Corn futures are fractionally mixed so far through Thursday. May futures are at a net 5 ¾ cent loss for the week’s move. 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.
Analysts are looking for weekly corn bookings to come in between 500k MT and 1.2 MMT for the week that ended 12/28.
Weekly data from EIA showed ethanol producers averaged 1.049 million barrels per day during the week that ended 12/29. That was down from the 2nd most all time the week prior as a 4-wk low.
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 is at $4.65 3/4, up 1/2 cent,
Nearby Cash is at $4.38 3/8, up 5/8 cent,
May 24 Corn is at $4.78 1/4, up 1/4 cent,
Jul 24 Corn is at $4.88 1/4, unch,
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