Corn prices are trading with gains of 3 to 4 cents through the front months into the Thursday day session. Overnight action kept futures within 4 cents of UNCH. Corn ended the midweek futures session with 1 1/4 to 2 1/4 cent givebacks. Preliminary open interest rose a sharp 15,980 contracts, net new selling likely tied to producer cash sales. Â 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
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 Commercials indicate that Black Sea corn exports are not being quoted now because of uncertainty about the export corridor remaining open.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, currently up 3 1/4 cents
Nearby Cash Corn  was $6.76 1/8 on Wednesday, down 1/4 cent,
Mar 23 Corn  closed at $6.90 1/2, down 1 3/4 cents, currently up 3 1/4 cents
May 23 Corn  closed at $6.90, down 2 cents, currently up 2 3/4 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.
