Corn futures are still fractionally to 3 1/4 cents in the red, but are off their lows from earlier in the day. May contracts have a 12 3/4 cent range so far for the day from -8 to +4 3/4 cents.
Weekly EIA data showed 1.003 million barrels of ethanol was produced on average daily during the week that ended 2/24. That was down 26k barrels per day from the week prior. Ethanol stocks were 24.775 million barrels which was a 3-wk low due to implied exports.
South Korea has been buying international corn, with NOFI locking in 65k MT, KFA buying 66k MT, and MFG booking 64k MT of feed corn.
The Ukraine export corridor deal is set to expire on March 19th, barring successful negotiations to extend it. All parties are issuing “positioning” statements that should be taken with a grain of salt.
Private analyst firm Cordonnier reduced their estimate for Argentina corn by 2 MMT to 32 MMT. Anec reported Brazil’s February corn exports were 1.949 MMT.
Mar 23 Corn is at $6.33, up 3 1/2 cents,
Nearby Cash is at $6.30 7/8, up 1 cent,
May 23 Corn is at $6.30 3/4, up 1/2 cent,
Jul 23 Corn is at $6.21 3/4, down 1/2 cent,
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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