Corn Futures Market News and Commentary
At the close for the Wednesday session, front month corn futures were 4 3/4 to 6 1/4 cents higher. New crop futures were also 2 1/2 to 3 cents higher on the day and set new contract highs.
EIA’s weekly data showed ethanol producers averaged 1.035m barrels per day during week that ended 1/21. That was down 18k bpd from the week prior. Ethanol stocks continued to increase, specifically in the Midwest’s PADD 2 district. Storage space is becoming a concern. Ethanol stocks in the Midwest increased another 193k barrels to a new record 10.107 million. Total stocks were 884k higher at 24.476m – a 91-wk high, since before Covid.
Ahead of the weekly Export Sales report the trade is looking for USDA to report corn bookings between 600,000 MT and 1.2 MMT. New crop sales are estimated to be below 200k MT for the week that ended 1/20.
Mar 22 Corn closed at $6.26 1/4, up 6 1/4 cents,
Nearby Cash was $6.12 3/8, up 6 1/4 cents,
May 22 Corn closed at $6.24 1/2, up... Read more