Corn Futures Market News and Commentary
The corn market closed mixed as Dec continues to lose open interest for deliveries. The more active contracts rallied a nickel from their lows and closed with 2 to 2 ½ cent gains. The March contract’s $4.70 low for the day was a new contract low.
Trade estimates ahead of the weekly Export Sales report range 600k to 1.2m MT for the week that ended 11/23. New crop forward sales are expected to be below 50k MT.
The weekly EIA data showed the average daily ethanol production was 1.011 million barrels. That was down 12k bpd from last week. Ethanol stocks were 273k barrels tighter at 21.379m barrels.
Estimates ahead of StatsCan’s report show the trade is looking for corn output between 14.8 MMT and 15.1 MMT with 15.0 as the average trade guess. Last year’s corn output was 14.93 MMT, and USDA is currently using 15.3 MMT for Canada’s corn crop.
Dec 23 Corn closed at $4.49 3/4, down 1 3/4 cents,
Nearby Cash was $4.25 3/4, down 2 5/8 cents,
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