Following the rally to start the short week, corn prices are backing off for Thursday’s midday. Front month futures are fractionally to 3 1/2 cents lower so far, but March is 2 cents off the day’s low.
EIA data showed ethanol producers averaged 963k barrels of output per day through the week that ended 12/23. That was down by 66k barrels per day from last week and marked the first sub-1m bpd week since October 14th. Despite the reduced output, stocks rose 569k barrels to 24.636 million, the largest since April.
The China Enterprise United Grain Reserve Co is set to begin operations in January. Sinograin and COFCO created this joint venture back in September for better state grain reserves management within the PRC.
Data from the Black Sea Grain Initiative, an overwatch body concerning the safety and adherence for the export corridors during the war in Ukraine, reported 1.2 MMT of grain left Ukraine ports during the week that ended 12/25. That was double the previous week’s volume, and included 6 corn cargoes destined for China.
Mar 23 Corn is at $6.79 1/2, down 3 1/4 cents,
Nearby Cash is at $6.86 1/1, down 3 7/8 cents,
May 23 Corn is at $6.79 1/4, down 2 1/4 cents,
Jul 23 Corn is at $6.73, 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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