Corn Futures Market News and Commentary
The corn futures are fractionally mixed through the Wednesday’s midday. The Dec contract has seen a 7 ¼ cent range so far.
Weekly EIA data showed ethanol producers averaged 1.009m barrels per day through the week that ended 9/29. That was even with last week’s output, though stocks were 164k barrels tighter at 21.884 million.
USDA announced a private corn export sale this morning, as Mexico booked 196.6k MT (with 109k for 23/24, and 87k for 24/25).
Safras and Mercado estimated Brazil’s first crop at 26.86 MMT, down from their prior 26.9 MMT forecast. They have the total output forecasted at 135.7 MMT, 300k MT above the prior forecast.
Dec 23 Corn is at $4.87 1/4, down 1/4 cent,
Nearby Cash is at $4.53 3/4, down 1/4 cent,
Mar 24 Corn is at $5.02 1/4, unch,
May 24 Corn is at $5.11, up 1/2 cent,On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this... Read more