The early morning corn trade has futures fractionally to 1 ¾ cents weaker awaiting FAS Export Sales data. Thursday’s corn market kept to ~6 cent trading range before ending fractionally to 1 ¼ cents higher. That has the March contract with a net 4 ¾ cent loss for the week coming into Friday. Preliminary open interest continues to rise with the new year, up 12,696 contracts on Thursday. Most of that was in the March and December delivery months.
Analysts are looking for weekly corn Export Sales to come in between 500k MT and 1.2 MMT for the week that ended 12/28, with very limited 2024 crop business.
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 and a 4-wk low that was likely influenced by the holiday.
Argentine corn planting has advance to 78% complete as we’re now in the second planting window.
Mar 24 Corn closed at $4.66 1/2, up 1 1/4 cents, currently down 3/4 cent
Nearby Cash was $4.39, up 1 1/4 cents,
May 24 Corn closed at $4.79, up 1 cent, currently down 1 cent
Jul 24 Corn closed at $4.88 3/4, up 1/2 cent, currently down 1 1/4 cents
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