As we head into the day session for Friday, front month corn prices are mixed within a penny of UNCH. Old crop is siting fractionally to a penny higher, with new crop fractionally lower. March corn is at a net 1 ¾ cent gain for the week into the last trade day. Futures firmed up from early session weakness, but were still fractionally to 1 ½ cents lower on Thursday at 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 to date was 1.83 bbu compared to 1.708 bbu last year.
USDA’s FAS reported 1.207 MMT of corn export sales for 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.
Mar 24 Corn closed at $4.47 1/4, down 1 cent, currently up 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, currently up 1/2 cent
Jul 24 Corn closed at $4.66, down 1/2 cent, currently up 1/2 cent
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