Corn is starting the new week with 4 3/4 to 6 1/2 cent losses into the day session. Overnight, May contracts saw a 7 1/2 cent range - but almost entirely to the down-side. Corn futures settled 1 1/4 to 2 3/4 higher on Friday. For the week, that left the May contract up by 17 cents. December contracts ended the week 3 1/2 cents above last Friday. Â Preliminary open interest data showed net new buying, rising 7,053 contracts on Friday.Â
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.Â
With the buy program last week, Chinese corn purchases are roughly 6.7 MMT, only about half of what they were the year before. China does expect lower total imports of about 18 MMT vs. 22 MMT a year earlier. They are getting some Ukraine corn under the Corridor deal, but not as much as was on the books before Russia started the war.Â
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. USDA is at 40 MMT.Â
May 23 Corn  closed at $6.34 1/4, up 1 1/2 cents, currently down 5 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, currently down 6 1/2 centsÂ
Dec 23 Corn  closed at $5.61 1/4, up 2 3/4 cents, currently down 4 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.
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