Friday’s 2 to 3 cent losses have front month corn futures set to close the week’s trade in the red.
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 is at $4.44 1/4, down 3 cents,
Nearby Cash is at $4.25 3/8, down 3 cents,
May 24 Corn is at $4.54 3/4, down 3 1/2 cents,
Jul 24 Corn is at $4.63, down 3 cents,
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