Corn futures ended the midweek session with 1 1/4 to 2 1/4 cent givebacks. December stayed in a tighter 6 1/2 cent range on the day.Â
EIA reported ethanol production averaged 1.033 million barrels per day through the week that ended 10/21. That was 17k bpd above last week and was the most since July 29. Ethanol stocks increased 447k barrels to 22.291 million.Â
Argentina announced new ethanol pricing formulas based on petrol at the pump. The Energy Secretariat said that alternative pricing may be considered if the new formula leads to major misalignments with ethanol’s production costs. Currently sugarcane based ethanol is 88.24 pesos/L with corn based ethanol at 107.41 pesos/L.Â
Going into the weekly Export Sales report, analysts expect corn bookings were between 350k MT and 1 MMT for the week that ended 10/20.Â
South Korea’s NOFI booked 68k MT of a 138k MT corn tender. KFA also purchased 66k MT of corn without issuing a tender.Â
Dec 22 Corn  closed at $6.85, down 1 1/4 cents,
Nearby Cash  was $6.76 1/8, down 1/4 cent,
Mar 23 Corn  closed at $6.90 1/2, down 1 3/4 cents,
May 23 Corn  closed at $6.90, down 2 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.
