Current futures are trading mid-range with 2 3/4 to 4 1/2 cent gains across the front months. July corn has seen a 20 cent range so far on Friday.
China’s Dalian Corn Prices were stronger on Friday with a 20 yuan rally to 2,540 yuan/MT (~ $9.20/bu). For the week, old crop May fell 5 yuan (~ 2 cents) but new crop November was up by 9 (~ 3 1/2 cents).
The weekly Ethanol report showed the cash average ethanol price was mostly higher from 2 to 9 cents/gal for the week, ranging $2.30 to $2.45/gal regionally. USDA noted the DDGS market as mostly firm within $15/ton of last week. Prices ranged from $220/ton in Ohio to $280 in Kansas. Corn oil quotes varied within 3 cents of last week from 53 to 57 cents/lb regionally.
USDA’s weekly Export Sales report showed net cancelations of 339k MT for old crop corn. That was mainly via China, though Japan and Colombia were net buyers. That reduced the old crop commitments to 1.5 bbu, or 84% of the updated WASDE number. For new crop, USDA reported 74k MT of sales for a 2.7 MMT forward book. That is 48% behind last year’s forward sales pace compared to an 18% WASDE expected increase.
The International Grains Council expects Argentina’s old crop corn production is 42.8 MMT, compared to 37 MMT from WAOB. Total old crop output was set at 1.153b MT for 22/23 with 265.6 MMT carryout. IGC’s new crop May numbers were for a 1.217 billion MT crop and a 272.3 MMT carryout.
Jul 23 Corn is at $5.60 1/2, up 5 1/4 cents,
Nearby Cash is at $5.92 1/1, up 5 1/4 cents,
Sep 23 Corn is at $4.99 1/4, up 3 3/4 cents,
Dec 23 Corn is at $5.04 3/4, up 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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