Old Crop Corn Down for the Midweek

Corn futures are trading mixed through midday, with March down by 6 1/4 cents and near its low for the day. New crop prices are fractionally to 1 1/4 cents higher at midday. 

EIA reported ethanol producers averaged 1.028 million gallons of daily production through the week that ended 1/27. That was a 16k barrel per day increase from the week prior and marked the 3rd consecutive +1m bpd production week. Producers were averaging 1.042 million barrels per day during the same week last year. Ethanol stocks were 635k barrels lighter at 24.442 million. 

United Airlines announced plans to source ethanol based jet fuel by 2028, by partnering with Green Plains, Tallgrass Energy Partners and Blue Blade Energy. The company also committed to 2.7b gallons of the SAF. 

Export Sales estimates ahead of tomorrow’s FAS data look for old crop corn bookings between 600k MT and 1.2 MMT. New crop sales are estimated to be below 150k MT. 

USDA’s Ag Attache expects Brazil’s corn crop will be 125.5 MMT, which is 500k MT above USDA’s official WASDE estimate on improved yields to offset lower area. Exports match the official forecast at 47 MMT. 

Egypt is on the market for yellow corn, with tender offers due on Feb 1. 

Mar 23 Corn  is at $6.73 1/2, down 6 1/4 cents,

Nearby Cash   is at $6.77 1/2, down 3 3/4 cents,

May 23 Corn  is at $6.72, down 5 1/2 cents,

Jul 23 Corn  is at $6.61, down 4 1/4 cents,