Corn firmed up through the afternoon portion of Wednesday trading and ended the day fractionally mixed. Basis tightened on Wednesday with a national average cash corn rally.
Traders are looking for the weekly Export Sales report to have between 800k MT and 1.3 MMT of old crop corn sales in tomorrow’s AM report.
The weekly EIA data showed ethanol producers averaged 991k barrels of output per day during the week that ended 1/26. That was a nice uptick from the week prior, which had seen the lowest output in over 2 years. That was also just the 3rd week of the MY with sub 1m barrels per day. Ethanol stocks from the report were shown as 24.27m barrels, which was back down by 1.5 million. NASS will release the monthly Grain Crushings report, which will show December’s corn used for ethanol after Thursday’s close.
Brazil’s Anec estimated corn exports at 3.5 MMT for the month of January. That’s 28.2% below the volume during Jan ’23.
USDA’s Ag Attache from Kyiv raised the projected 23/24 corn exports to 29.2 MMT, 39% above the official WAOB figure – citing a large export program for the month of December and increased export capacity via both the Danube river and via Romanian ports.
South Korea’s KFA reportedly booked 65k MT after issuing an international corn tender. South Korea’s FLC booked 133k MT of corn via tender.
Mar 24 Corn closed at $4.48 1/4, up 1/2 cent,
Nearby Cash was $4.26 5/8, up 7 1/4 cents,
May 24 Corn closed at $4.58 1/2, down 1/4 cent,
Jul 24 Corn closed at $4.66 1/2, down 3/4 cent,
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