Corn futures printed new lows on Wednesday and ended the session 3 ½ to 5 cent losses. After working to new LoC lows, the corn market has firmed up some into midday. Futures are still down by 2 ¾ to 4 cents for the day, with March 3c off the low.
EIA’s weekly update showed ethanol producers were again averaging +1m bpd following the lag in output through late Jan. Producers averaged 1.033 million barrels of ethanol output daily during the week that ended 2/2. Ethanol stocks built another 509k barrels to 24.779 million.
The monthly Census data confirmed 189 mbu of corn was shipped during December. That was up from 141 mbu in Nov and was the largest Dec total since 2007. The official season total was up to 754.2 million bushels. Census marked ethanol exports at 156m gallons for Dec ’23, which was the largest for the month since 2011. Milo shipments came in at a Dec record 1.007 MMT.
Brazil’s AgRural reported corn planting at 27% finished as of 2/1. That was up from 11% the week prior and is running a week ahead of last year’s pace.
Mar 24 Corn closed at $4.34 1/4, down 4 1/2 cents,
Nearby Cash was $4.15 7/8, down 4 1/2 cents,
May 24 Corn closed at $4.46 1/2, down 4 cents,
Jul 24 Corn closed at $4.55 1/2, down 5 cents,
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