Overnight corn prices started out lower and are at their lows into the last trade day of the week/ Markets will be closed for Good Friday. Corn ended the Wednesday session fractionally mixed. The old crop futures were 1/2 of a cent to a penny lower, while new crop went home up 1/2 to 3/4 of a cent higher.
The weekly USDA Export Sales report is expected to show between 800,000 MT and 1.5 MMT of old crop corn sales. New crop bookings are estimated to come in under 250k MT.
Monthly Census data confirmed 128.9 mbu of corn exports for the month of February. That was up 3.3% from the Jan shipments but was still half of the monthly record set last year. Month to month corn exports lagged last year by an average of 44% bringing the full MYTD lag to 414 mbu. USDA had a 621 mbu decline from last year baked into the March WASDE. Relative to that 1.850 bbu full year estimate, the season’s confirmed exports were 679.96 million bushels through Feb.
The weekly EIA data showed ethanol producers averaged 1.003 million barrels/day production through the week that ended 3/31. That matched both last week and the same week last year. Ethanol stocks backed off by 400k barrels, but were still 25.1m on 3/31.
May 23 Corn closed at $6.52 3/4, down 1 cent, currently down 5 cents
Nearby Cash was $6.56, down 1 1/8 cents,
Jul 23 Corn closed at $6.27 1/2, down 1/2 cent, currently down 4 cents
Dec 23 Corn closed at $5.60 3/4, up 3/4 cent, currently down 2 1/4 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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