Corn futures are fractionally weaker following the overnight action. They closed with losses of 4 to 6 ½ cents across the board on Wednesday. Nearby March settled at the lowest price for a front month continuation chart since December 2020.
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 than the previous week at 25.81 million barrels. That’s the largest surplus inventory in about 50 weeks.
USDA’s Office of the Chief Economist projects 91 million flat corn acres will be planted this spring, ahead of the survey driven Planting Intentions report at the end of March. Traders were looking for about 600k more than that on average. Preliminary S&Ds have total supply growing 1.9 bbu (mostly via larger carry-in yr/yr), and carryout increasing by 360 mbu to 2.5 billion.
Pre-report estimates for the USDA Export Sales report anticipate corn bookings between 800k MT and 1.5 MMT for the week that ended 2/8.
Michael Cordonnier cut his projection for Brazilian corn production another 3 MMT, and trimmed Argentina from 56 MMT to 54 MMT. The Rosario Grain Exchange was going the other direction, raising their estimated crop size 3 MMT to 59 MMT.
Mar 24 Corn closed at $4.24 1/4, down 6 1/2 cents, currently down 3/4 cent
May 24 Corn closed at $4.37 1/4, down 6 cents, currently down 1 cent
Jul 24 Corn closed at $4.47 1/4, down 5 1/4 cents, currently down 3/4 cent
Dec 24 Corn closed at $4.64 1/4, down 5 1/2 cents, currently down 1 1/4 cents
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