Corn futures are trading with new crop gains of 2 1/2 to 3 cents, while new crop futures are working 6 3/4 to 10 3/4 cents higher. The March contract still has 3,422 contracts of OI as of the Thursday settle.
USDA’s weekly Ethanol report quoted the week’s average regional ethanol prices from $2.02/gal in NE to $2.18 in IL. DDGS were shown mostly lower within $30/ton of last week from $235 to $290 regionally. Corn oil quotes ranged from 55 to 60 cents/lb this week, mostly 3 to 4 cents lower.
Ukraine’s 23/24 spring season is underway, as the Ag Ministry reported 3,500 HA of spring grains were planted.
Corn export bookings were shown at 598k MT for the week that ended 2/23. Corn commitments were shown 29.238 MMT or 1.151 bbu as of 2/23.
The Buenos Aires Grains Exchange kept their corn output estimate at 41 MMT. Private firm Agroconsult estimates Brazil’s corn crop to total 128.5 MMT, which includes a 29.4 MMT 1st crop and a 99.1 MMT 2nd crop. Datagro has their 2nd crop estimate at 102.91 MMT.
Mar 23 Corn is at $6.47 1/4, up 9 1/2 cents,
Nearby Cash is at $6.42 5/8, up 8 1/4 cents,
May 23 Corn is at $6.42, up 8 1/4 cents,
Jul 23 Corn is at $6.30 1/2, up 6 1/2 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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