Corn markets are trading fractionally weaker in old crop so far for Friday, with new crop prices down by as much as 3 1/4 cents. USDA’s weekly Ethanol Report showed the average cash ethanol prices were mostly 10 to 28 cents higher through the week to $2.15 - $2.34/gal regionally. DDGS were also stronger by $5-$20/ton, with regional prices ranging $230 - $310/ton. Corn oil was within 1-3 cents of last week’s prices from 65 to 70 cents/lb regionally.
Weekly Export Sales data showed 781,583 MT of old crop corn was booked during the week that ended 12/22, close to trade expectations. That was up 22% for the week, but down 37% from the same week last year. The report included 298k MT of previously announced business to Japan and Mexico. Japan also booked 170k MT of new crop, and pushed total new crop commitments to 1.139 MMT. That trails the forward sales pace into 22/23 by 25%. Shipments for the week were marked at 1.012 MMT for a season total of 9.235 MMT.
Mar 23 Corn is at $6.79 1/4, down 1/4 cent,
Nearby Cash is at $6.85 3/4, down 1/2 cent,
May 23 Corn is at $6.78 1/2, down 1/2 cent,
Jul 23 Corn is at $6.72, down 3/4 cent,
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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