Corn futures are another 1 to 2 1/4 cents higher through the Wednesday session thus far. Futures are firm into the report day after a sharp drop to start the new year.
EIA’s weekly data ethanol production report had 943k barrels of daily production through the week that ended 1/06. That was a 99k bpd increase from last week but is still down from two weeks ago. Ethanol stocks drew down an additional 644k barrels to 23.8 million.
Brazil’s AgRural reported 1st crop corn harvest at 2.3% finished through 1/05, compared to 3.1% at the same point last year.
Going into the monthly USDA reports traders are looking for a slightly higher corn yield on average, from 172.3 to 172.5 bpa. Total production is on average expected to be 6.4 mbu higher. Carryout is expected to grow 56.7 mbu according to the average of estimates to 1.314 bbu. Exports are estimated to be the culprit. Global corn stocks are expected to drop by 700k MT as the increase to the U.S. carryout is expected to be offset by Argentina production cuts.
Taiwan is in the market for 65k MT of corn to be sourced from the U.S., Brazil, Argentina, or South Africa.
Mar 23 Corn is at $6.57 1/2, up 2 1/2 cents,
Nearby Cash is at $6.62, up 2 1/8 cents,
May 23 Corn is at $6.56 1/2, up 2 cents,
Jul 23 Corn is at $6.49 3/4, up 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. For more information please view the Barchart Disclosure Policy here
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