Corn Futures Market News and Commentary
Corn futures closed the midweek trading session with fractional to 1 1/4 cent gains. December contracts were the outlier with a 1 1/2 cent dip during the delivery process. New crop December was also red at the close, though had only given back a quarter of a penny.
USDA flashed a huge Export Sale announcement to Mexico this morning. Private exporters sold 1.844 MMT of corn, of which 1,089,660 MT were for 21/22 delivery and the remaining 754,380 MT were for NMY’s crop. USDA confirmed that was the 6th largest single sale on record.
Estimates for the weekly Export Sales report show between 600k MT and 1.4 MMT of corn was likely booked during the week that ended 12/2. New crop corn bookings were estimated at less than 50,000 MT for the same week.
EIA reported ethanol producers averaged 1.09m barrels of production per day during the week that ended 12/3. That was 55k bpd above the prior week and the largest daily average since the week that ended 10/29. Ethanol stocks... Read more