Mixed Corn Board at Midday

The Friday trades have corn prices mixed with a penny stronger old crop and a penny weaker new crop. The spot (March) premium to December is now 95 cents on the board. 

USDA saw the week’s average ethanol prices as 1 to 7 cents weaker from $1.97 to $2.20/gal regionally. DDGS were reported from $220/ton in Ohio to $315/ton in NE through the week – which was within $20 of last week but mostly $5-$15/ton lower. The cash corn oil market saw quotes ranging from 66 to 70 cents/lb regionally, with bids mostly 1-2 cents weaker wk/wk. 

Analysts from Brazil’s Deral had the Southern state of Paran bringing 3.7 MMT of first crop corn and 15.4 MMT of second crop corn. Both are firm with their prior estimate, despite the dryness there. 

The BAGE reported corn condition ratings for Argentina at 12% good/excellent, from 5%, and 39% poor, improved from 47% last week by recent rains. 

Corn export sales for the week that ended 1/19 were 910,400 MT. That was a drop of 20% from last week but was within the range of estimates. Corn export shipments were reported at 912.6k MT for the week, leaving the accumulated export at 12.012 MMT of the season. Total corn commits were 946.36 mbu through 1/19 – or 50% of USDA’s full year forecast. China holds 28% of the season’s commitments compared to their  28% of last year’s commitments which were 71% of the Jan WASDE (70% of final). 

Weekly EIA data had 1.012m barrels of ethanol production per day through the week that ended 1/27. That was a 4k bpd increase from the prior week and was a 5-wk high. Ethanol stocks were up by 1.5675 million barrels compared to the prior week at 25.077 million barrels. 

Mar 23 Corn  is at $6.83 3/4, up 1 1/4 cents,

Nearby Cash   is at $6.86 1/8, up 1 1/4 cents,

May 23 Corn  is at $6.80 1/2, up 1/2 cent,

Jul 23 Corn  is at $6.67 1/2, down 1/2 cent,