Mixed Close for Corn

The Thursday corn market stayed mostly firm through the session, ending the day within 1 1/2 cents of UNCH. The December and March contracts were red on the day, while the other nearby contracts closed higher. December stayed in a tighter dime range within 6 cents of UNCH. 

USDA reported 512k MT of corn was sold for export during the week of 9/22. That was up from 182k MT last week and was 38% above the same week last year. Analyst expectations were for between 250k MT and 800k MT. Mexico was the week’s top buyer. The FAS also recorded 160k MT of 23/24 sales to Mexico.  

EIA reported ethanol producers averaged 855k barrels of production per day through the week that ended 9/23. That was the lowest daily average output (and lowest implied corn consumption) since the week of Feb 26th in 2021. Several plants are taking down time for maintenance ahead of new crop grain availability. Ethanol stocks were up on the week, by 190k barrels to 22.691m. 

Dec 22 Corn  closed at $6.69 1/2, down 1 cent,

Nearby Cash   was $6.64 3/4, down 5/8 cent,

Mar 23 Corn  closed at $6.76, down 1/2 cent,

May 23 Corn  closed at $6.77 1/2, up 1/4 cent,