Midday corn futures are down 1 3/4 to 6 3/4 cents across the board, with new crop trading weaker. Dec ’23 corn is now a 59 1/4 cent discount to spot Dec.
EIA reported 1.108m barrels of ethanol were produced daily during the week that ended 11/25. That was down 23k barrels per day from the week prior. Ethanol stocks were 105k barrels higher at 22.934 million.
USDA’s Ag Attache sees the 22/23 Brazilian corn crop at 126 MMT, a 10 MMT rise yr/yr and with 126 MMT as the USDA’s official forecast.
Pre-report estimates for StatsCan production data have Canadian corn production pegged at 14.8 MMT. Their prior estimate in September was 14.9 MMT, with the full range of estimates between 14.3 and 15.1 MMT.
Dec 22 Corn is at $6.64 1/4, down 1 1/2 cents,
Nearby Cash is at $6.80 3/4, up 7 5/8 cents,
Mar 23 Corn is at $6.68 1/4, down 1 1/4 cents,
May 23 Corn is at $6.66 1/4, down 1 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.
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