Corn prices settled near their low for the day. December corn ended with a 12 cent loss to $6.50, while the other nearby contracts gave back 3 1/4 cents to 6 1/2 cents. Weekly export sales were on the lower end of trade ideas, and so were the EPA mandates for corn based ethanol use in 2023-25.Â
USDA’s monthly Grain Crushing report showed 448.895 mbu of corn was used for ethanol during October. That was up 17% from September’s pull, but down 4% yr/yr. With that, 1.745m tons of DDGS were produced, and 186,770 tons of corn oil – a 3-mo high.Â
USDA reported a private export sale of 114,300 MT of 22/23 corn to Mexico. Weekly FAS data showed 602.7k MT of corn was sold during the week that ended 11/24. That was down from 1.85 MMT the week prior and was 59% of the sale made during the same week last year. Mexico was the week’s top buyer with 387k MT, and they also booked 30k MT for new crop. Mexico and China were the top destinations for the week’s 344k MT of exports. Accumulated shipments sat at 5.773 MMT (227 mbu) as of 11/24.Â
EPA’s updated biofuels ruling suggests 15b gallons of ethanol will be required under the new quotas in 2023, with a very small increase by 2025.Â
Dec 22 Corn  closed at $6.50, down 12 cents,
Nearby Cash  was $6.67 7/8, down 10 cents,
Mar 23 Corn  closed at $6.60 1/2, down 6 1/2 cents,
May 23 Corn  closed at $6.59 1/4, down 6 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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