Corn Futures Market News and Commentary
Corn futures traded closed on Thursday, with losses of 2 to 2 3/4 cents. Traders anticipate tomorrow’s delayed Export Sales report to show 0.7 to 1.1 MMT of old crop corn sales for the week ending 02/13. Traders also expect to see as much as 100k MT for new crop bookings. The EIA weekly update to ethanol production showed the week ending 02/14 averaged 1.040m bpd, which was 0.68% higher than last week’s average daily production. Ethanol stocks were also higher, up 423,000 barrels to a record 24.781 million barrels for the weekly report. Most of the increased stocks were in the PAD Gulf District, and with Midwest stocks lower wk/wk by 111,000 barrels. USDA projects US corn planted acreage will hit 94 million acres in 2020 according to their data released in their Ag Outlook Forum. Argentine corn harvest is 0.4% completed according to the Buenos Aires Grain Exchange, which left their 49 MMT production projection.
Mar 20 Corn closed at $3.78 1/2, down 2 cents,... Read more