Midday corn prices are 2 ¼ to 3 ¾ cents weaker so far for Thursday. Preliminary open interest continues to increase, with another 11,466 contracts added yesterday and big new bets made by both sides in the old crop March, May, and July. Basis tightened on Wednesday with a national average cash corn rally and sideways futures.
USDA’s FAS reported 1.207 MMT of corn was booked during the week that ended 1/25, which was at the high end of estimates and was 26% above last week. USDA also had 144.5k MT of new crop corn sales for the week. Milo bookings came in at 71k MT for the week.
NASS will release the monthly Grain Crushings report (which will show December’s corn used for ethanol) after today’s close. Bloomberg estimates are to see 474.4 mbu, an 11.4% increase for the year.
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.
Mar 24 Corn is at $4.45 1/4, down 3 cents,
Nearby Cash is at $4.25 3/8, down 1/4 cent,
May 24 Corn is at $4.56, down 2 1/2 cents,
Jul 24 Corn is at $4.63 3/4, down 2 3/4 cents,
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