Corn is closed the Wednesday session with the front months 2 ½ to 5 ¾ cents higher on a second straight day of export business. Other contracts beyond July were down 1 ½ to 4 ½ cents.
USDA announced another export sale of 667,000 MT of corn to China for 22/23 delivery this morning. If you couple the sales this week, it would be the largest sale at least on a weekly basis to China since May 2021.
Analysts are expecting Thursday’s weekly Export Sales report to show 0.7-1.5 MMT of 22/23 corn bookings in the week that ended on 3/9. New crop sales are seen at 0-200,000 MT.
The weekly EIA report indicated a 4,000 barrel per day increase in ethanol production for the week that ended on 3/17 to 1.014 million bpd. Stocks were also on the rise, up 1.074 million barrels to 26.394 million barres. Over half (553,000 barrels) of the build was in the Gulf, with another 328,000 barrels increase for the East Coast, implying a stock up for exports.
May 23 Corn closed at $6.26 1/2, up 5 3/4 cents,
Nearby Cash was $6.28 1/4, up 6 cents,
Jul 23 Corn closed at $6.12 1/4, up 2 1/2 cents,
Sep 23 Corn closed at $5.66, down 1 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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