The corn market continued to set new lows on Thursday, and with 6 ½ to 7 ½ cent losses ended the session within ½ a cent of said lows. Dec futures remain 39 cents above the spot March contract. The new crop soy/corn ratio was 2.498 at the settle on Thursday.
USDA reported 1.3 MMT of old crop corn was booked during the week that ended 2/8. That was a 12-wk high. Estimates were to see between 800k MT to 1.5 MMT going into the data report. Corn shipments were 903k MT for a season total of 17.96 MMT (+31% yr/yr). Outstanding sales are 40% ahead of last year with 18.26 MMT on the books.
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.
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.
The French AgriMer raised their outlook for corn carryout to 2.4 MMT from the 2.2 MMT previous forecast.
Mar 24 Corn closed at $4.17 3/4, down by 6 1/2 cents,
May 24 Corn closed at $4.29 3/4, down by 7 1/2 cents,
Jul 24 Corn closed at $4.39 3/4, down by 7 1/2 cents,
Dec 24 Corn closed at $4.56 3/4, down by 7 1/2 cents
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