
Corn futures settled 1 1/4 to 2 3/4 higher on Friday going into the weekend. For the week, that left the May contract up by 17 cents but within last week’s range. December contracts ended the week 3 1/2 cents above last Friday. USDA’s national weekly Ethanol report had the cash average ethanol prices from $2.01 to $2.15/gal regionally this week. DDGS were quoted from $235 to $280/ton regionally. The corn oil market was mostly 2-4 cents lower from 52 to 58 cents/lb.
The new crop soy/corn ratio has faded back towards more corn territory, reading 2.346 at midday – from 2.434 last week but still above 2.272 at this time last year.
BAGE lowered their corn production estimate by another 1.5 MMT taking their estimate of the 22/23 Argentine crop to 36 MMT.
May 23 Corn closed at $6.34 1/4, up 1 1/2 cents,
Nearby Cash was $6.37 1/4, up 1 3/4 cents,
Jul 23 Corn closed at $6.17 3/4, up 1 1/2 cents,
Dec 23 Corn closed at $5.61 1/4, up 2 3/4 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.