Futures firmed up from early session weakness, but were still fractionally to 1 ½ cents lower for the close. Both the Dec and the March contracts were a penny lower, leaving the spot-New Crop spread at 31 ¾ cents.
USDA’s NASS reported 481.7 mbu of corn was used for ethanol production during December. That was a 5-yr high for the month, and was a 5% increase from November’s corn draw. The season’s total pull was 1.83 bbu compared to 1.708 bbu last year.
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. Corn commitments were 1.33 bbu, which remains 31.4% ahead of last year’s pace. Milo bookings came in at 71k MT for the week, which left the 23/24 total at 4.34 MMT.
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 closed at $4.47 1/4, down 1 cent,
Nearby Cash was $4.28 3/8, up 2 7/8 cents,
May 24 Corn closed at $4.58 1/4, down 1/4 cent,
Jul 24 Corn closed at $4.66, down 1/2 cent,
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