Corn is avoiding new lows for the move through midday, but futures are still down 2 to 3 cents for the day. March is at a net weekly loss of 11 ¾ cents so far.
The weekly ethanol report from USDA’s AMS had cash ethanol prices from $1.37/gal to $1.60/gal this week regionally. That was mostly 4 to 10 cents/gal weaker from the week prior. DDGS were quoted within $5/ton of last week mostly near $180-$220. The cash corn oil market was mostly UNCH to 3c lower from 42 to 48 c/lb regionally.
USDA raised projected corn ending stocks 10 million bushels to 2.172 bbu, paring dextrose and glucose production due to slow sales YTD. Traders were looking for a 12.7 mbu tighter carryout on average.
The global updates from the WAOB had world corn production 3.16 MMT lower via a 3 MMT cut to Brazil, now at 124. The trade was looking for a 2.2 cut to Brazil, though CONAB took their estimate down to 113.7 MMT. Most of that came out of their 2nd crop, with less expected acreage. WAOB took the lower output out of stocks, which were 3.16 MMT tighter to 322 MMT.
Mar 24 Corn is at $4.31 1/4, down 2 cents,
Nearby Cash is at $4.12 3/4, down 2 cents,
May 24 Corn is at $4.43 1/4, down 1 3/4 cents,
Jul 24 Corn is at $4.52, down 2 cents,
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