Corn Markets Red with Midweek Market

Wednesday corn is trading lower by 3 to 6 1/2 cents so far. The March contract is sitting at its lows for the day after mostly working in the red. 

USDA reported 213,370 MT of old crop corn sales to Mexico this morning. 

EIA data showed ethanol producers averaged 1.014m barrels per day through the week that ended 2/10. That was a 14k bale increase from the prior week. Ethanol stocks were up from 24.4m to 25.339 million barrels. 

Mexico clarified that it will permit GMO corn imports for animal feed and industrial use, but will only allow non-GMO corn for human consumption, whether yellow or white. They are also going to ban imports of glyphosate weedkillers, further handicapping their own farmers, and will begin an investigation of how eating GMO crops affects humans. 

USDA’s Ag Attache reduced their outlook for the Argentina corn crop to 45 MMT citing the drought. They showed that 35-40% of the early planted corn crop had serious damage and that the late planted corn is also showing some effects despite beneficial rain in late Jan – early Feb.  Private consultant Cordonnier lowered his Argentine estimate 1 MMT to 43 MMT.  USDA is at 47 MMT. He put Brazil at 123 MMT, also below USDA. 

Mar 23 Corn  is at $6.75 3/4, down 6 1/2 cents,

Nearby Cash   is at $6.78 1/8, down 6 1/2 cents,

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

Jul 23 Corn  is at $6.62 1/2, down 5 1/4 cents,