Beginning the Thursday session, corn futures are in plus territory into Thursday’s Export Sales report. Dec corn faded after early attempts to breach $7/bu failed. The ’23 contracts were above the level at the high, but prices went home a dime off their highs. Corn prices are still a net 8 1/4 cents in the black for the week through Wednesday.
Going into the weekly Export Sales report the trade expects between 400k and 850k MT of corn was sold. If the median is realized, that would be up slightly from 583k MT sold during the prior week.
EIA reported 901k barrels of ethanol were produced per day through the week that ended 9/16. That was a 52k bpd drop wk/wk and was the weakest daily average output since February of 2021. Ethanol stocks continued to draw down with another 342k barrel drop. That left stocks at 22.5 million barrels, a low for the year.
Dec 22 Corn closed at $6.85 1/2, down 6 1/2 cents, currently up 3 3/4 cents
Nearby Cash was $6.81 5/8 on Wednesday, down 6 3/4 cents,
Mar 23 Corn closed at $6.90 1/4, down 6 1/2 cents, currently up 3 3/4 cents
May 23 Corn closed at $6.90 3/4, down 6 1/4 cents, currently up 3 3/4 cents
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