Friday corn markets were 1 to 2 1/4 cents in the red just ahead of the midday quotes. March has stayed mostly in a nickel range for the week’s last trade day. USDA’s weekly ethanol report had the weekly cash ethanol prices from $1.87 to $2.20/gal regionally. Corn oil prices were mostly lower by 3-7 cents to 62 to 69 cents/lb regionally. DDGS were higher by $8 to $23 to $217 to $285/ton regionally.
StoneX reduced their corn crop estimate for Brazil’s Rio Grande do Sul to 4.51 MMT, from 5.38 MMT, citing a developing drought in the South. Argentina’s BAGE reported 42.6% of the corn area was planted as of 12/15 – trailing last year’s pace by 5.1%.
The weekly Export Sales data had 958,920 MT sold through the week that ended 12/8. Accumulated corn bookings sat at 20 MMT (787.5 mbu) as of 12/8 – marking 38% of the WASDE full year forecast.
Mar 23 Corn is at $6.51 1/4, down 2 1/4 cents,
Nearby Cash is at $6.60, down 2 1/2 cents,
May 23 Corn is at $6.51 3/4, down 2 cents,
Jul 23 Corn is at $6.47, 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.
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