Following report day’s gains, the board shows corn futures are working back lower with 1 3/4 to 4 cent losses so far.
USDA reported 1.6 MMT of old crop corn was sold for export during the week that ended 2/02. That was above estimates, led by sales to Japan and unknown destinations. Accumulated commitments were at 1.05 bbu from the weekly data, which is 55% of the USDA forecast. New crop commitments sat at 1.44 MMT as of 2/02, which is even with last year’s forward sale pace.
South Korea’s MFG is on the market for 70k MT of SoAm corn.
USDA reduced their ethanol draw in the corn balance sheet by 25 mbu to 6.69 bbu, and raised carryout by 25 mbu to 1.267 bbu – the trade was looking for a 1.273 bbu carryout on average. Globally, USDA cut production 4.5 MMT. Argentina was forecasted 5 MMT lower to 47 MMT crop, but Brazil was UNCH at 125 MMT. Global carryout was reported to be 295.28 MMT, from 296.4 last month and 294.9 MMT expected.
EIA data showed producers averaged 1m barrels per day during the week that ended 2/03. Ethanol stocks dropped 25k barrels to 24.417 million.
Mar 23 Corn is at $6.74 1/2, down 4 cents,
Nearby Cash is at $6.78 5/8, down 4 3/8 cents,
May 23 Corn is at $6.72 1/4, down 4 cents,
Jul 23 Corn is at $6.62, down 3 1/4 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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