Friday corn futures ended the day with fractional to 2 1/4 cent gains. For the week, March corn was 5 1/2 cents lower but Dec corn was up by 8 3/4 cents. That has the discount to new crop at 81 1/2 cents now. USDA’s National Weekly Ethanol Report showed corn oil averaged 61 – 70 cents/lb this week regionally, mostly 3-8c lower. DDGS were quoted $230 to $310 regionally, mostly near $260/ton, with weekly prices shown +/- $15 from last week. USDA had the weekly cash ethanol market near $2/gal, varying regionally from $1.94 to $2.17/gal, prices were mostly UNCH to 3 cents weaker for the week.
Commitment of Traders data will be delayed as announced.
BAGE confirmed that 96.5% of the expected corn area was planted through 2/02. That includes both Argentina’s early and late season crops.
Brazil removed their ethanol import tariff exemption for the U.S., meaning effective immediately ethanol brought in is subject to a 16% tariff which will increase to 18% by 2024. President of RFA, Geoff Cooper, responded with disappointment and suggested cooperation and open markets would set a better example for the global ethanol trade.
Mar 23 Corn closed at $6.77 1/2, up 2 1/4 cents,
Nearby Cash was $6.80 3/8, up 2 1/4 cents,
May 23 Corn closed at $6.75 1/2, up 1 3/4 cents,
Jul 23 Corn closed at $6.64 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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