Corn spent the overnight session mostly working higher, but within a tight 2 ½ cent range. AM quotes are fractionally to 1 ¼ cents higher. Futures spent the majority of the overnight in the red on Thursday, but spent the majority of the day session in the black. At the close price were fractionally to 1 ¾ cents higher. March corn printed an 8 ¼ cent range for the day. Corn open interest is up 222k contracts (17%) since the start of the year. Wednesday trading also increased OI in options, with 15k new calls and 25k new puts added.
Weekly EIA data showed production dropped off by 8k barrels per day to 1.054 million during the week that ended 1/12. That was still the 17th consecutive +1m bpd week. Ethanol stocks built up by 1.324 million barrels to 25.695 million. That is the largest stockpile since March.
Trade estimates ahead of the weekly Export Sales report are to see between 500k MT and 1.2 MMT of old crop corn booked for the week that ended 1/11. New crop corn sales are estimated to be below 100k MT.
Mar 24 Corn closed at $4.44, up 1 3/4 cents, currently up 1 cent
Nearby Cash was $4.20, up 2 1/8 cents,
May 24 Corn closed at $4.55, up 1 1/4 cents, currently up 1 cent
Jul 24 Corn closed at $4.63 1/2, up 1 cent, currently up 3/4 cent
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