Corn was mostly one directional overnight, though the low was limited to a nickel (Mar). Currently the board is still a penny to 1 3/4 cents weaker in the front months. Corn prices stayed in an 8 1/4 cent range on Wednesday, ending with 2 1/2 to 5 cent losses in the front months. The 2023 crop contracts were the weakest, widening the inverse to now 60 1/2 cents March ’23 to Dec ’23. There were 304 delivery notices put out against December futures overnight.
Export Sales estimates ahead of the weekly FAS report have corn sales ran between 475,000 and 1 MMT for the week that ended 11/24. New crop bookings are expected to be below 100k MT.
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.
Pre-report estimates for StatsCan 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 closed at $6.62, down 3 3/4 cents, currently down 1 cent
Nearby Cash was $6.78 5/8 on Wednesday, up 5 1/2 cents,
Mar 23 Corn closed at $6.67, down 2 1/2 cents, currently down 1 1/4 cents
May 23 Corn closed at $6.65 1/4, down 2 3/4 cents, currently down 1 1/2 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.
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