Midday corn prints show futures 2 to 2 ¼ cents in the red and sitting at the daily low. Futures started a rally near 4am central, but began dropping near 10am. That has March back to break even for the week’s net move so far.
The weekly EIA data showed producers averaged 1.107 million barrels of ethanol output daily during the week that ended 12/22. That was a 36k bpd increase for the week, and nearly a new record output trailing the 1.108 million bpd record from Dec 1 ’17. Ethanol stocks increased 611k barrels for the week to 23.517 million – a 35-wk high.
Trade estimates ahead of the weekly Export Sales report show traders are looking for between 600k MT and 1.2 MMT of corn bookings for the week that ended 12/21. New crop corn sales are estimated below 25k MT.
Brazil’s ANEC has corn exports at 6.96 MMT for the month of December. That is down from the 7.17 MMT prior estimate.
Mar 24 Corn is at $4.74 1/4, down 2 1/4 cents,
Nearby Cash is at $4.47 1/4, down 2 1/8 cents,
May 24 Corn is at $4.86 1/2, down 2 cents,
Jul 24 Corn is at $4.95 3/4, down 2 1/4 cents,
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