Corn Futures Market News and Commentary
Corn found technical support yesterday and bounced for the midweek session. For the week the March contract is still a net 5 cents weaker. Red Dec ended the day with a 3 cent gain, tightening the Dec-Dec spread to 31 1/2 cents – it was over a dollar at the May highs.
Export Sales estimates for the week that ended 12/1 are expected to be 300k MT to 950k MT. Analysts also expect to see as much as 125k MT of new crop bookings.
The weekly EIA weekly ethanol production report showed an average of 1.077 million barrels per day for the week ending 12/2. That was up 59,000 bpd from the previous week. Ethanol stocks increased to 23.3 million from 22.93 million the previous week.
Going into Friday’s USDA reports, the trade is looking for a U.S. corn carryout of between 1.170 and 1.350 bbu. Those surveyed were leaning toward a 56 mbu vs. from the November WASDE. Pre-report surveys don’t expect much change in the world ending stocks, with the average estimate of 301 MMT up... Read more