The Wednesday trading session has corn futures 6 ¾ to 7 ¾ cents in the red and trading just a tick off the lows for the day – said lows are new LoC lows for the corn market. So far during February, December corn has averaged a close of $4.74. The full month average is used to define this years base Crop Insurance price. 

EIA’s weekly report showed ethanol output increased by 50k barrels per day to 1.083 million for the week that ended 2/9. Ethanol stocks were 1.03 million looser to 25.81 million barrels. 

Ahead of USDA’s annual Ag Outlook Forum, the trade is looking for the OCE to project 2024 US corn acreage at 91.6 million acres. The data is scheduled for release at 7:00 AM EST this Thursday. 

Pre-report estimates have corn bookings between 800k MT and 1.5 MMT for the week that ended 2/8. 

South Korea was buying corn, with wire sources confirming MFG bought 68k MT without a tender and KFA booked 68k MT without a tender. Egypt’s GASC booked 120k MT of corn from Ukraine. Algeria is on the market for 160k MT of corn. 

Ukraine’s Ag Ministry released data from a producer survey showing an expected 9% drop in corn acreage this year. 

Michael Cordonnier cut his projection for Brazilian corn production another 3 MMT, and trimmed Argentina from 56 MMT to 54 MMT. 

Mar 24 Corn  is at $4.23, down 7 3/4 cents,

Nearby Cash   is at $4.04 1/2, down 8 cents,

May 24 Corn  is at $4.35 1/2, down 7 3/4 cents,

Jul 24 Corn  is at $4.45 3/4, down 6 3/4 cents,


On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Disclosure Policy here.

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