
Corn futures are trading at near their overnight midpoint – which has the board 2 to 3 1/2 cents in the black so far ahead of the Export Sales release. Corn futures were still down by 1 1/4 to 2 3/4 cents at the Wednesday close. Preliminary open interest shows more long liquidation, dropping 5,082 contracts. December printed a 10 1/2 cent range on the day, from plus 3 1/2 to minus 11 cents.
EIA data had the average daily ethanol output back above 1 million barrels again for the first time since August 5th. Ethanol producers averaged 1.016m barrels per day through the week that ended 10/14. Ethanol stocks were down by 19k barrels to 21.844 million.
Going into the weekly Export Sales report, traders are looking for USDA to show between 250k and 700k MT of corn bookings.
Dec 22 Corn closed at $6.78 1/4, down 2 3/4 cents, currently up 2 1/2 cents
Nearby Cash was $6.66 ¾ on Wednesday, down 5/8 cent,
Mar 23 Corn closed at $6.84 1/2, down 2 1/2 cents, currently up 3 1/4 cents
May 23 Corn closed at $6.85, down 2 3/4 cents, currently up 3 1/4 cents
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.