After a wide ranged month of June, of more than $1, corn futures’ 28 to 35 cent Friday losses left the board net lower for the month. December closed at a net 27 cent loss for the month’s move.
USDA’s weekly National Ethanol report showed ethanol quotes were 6-10c higher through the week to $2.42-$2.55/gal regionally. The DDGS market was mixed for the week with quotes as low as $200 and as high as $235/ton regionally. Corn oil was also mixed within a nickel, from 55 to 64 cents/lb.
USDA raised the planted corn area by a shocking 2.2m acres to 94.1 million. The highest trade guess going in was 93 million, and the average of estimates was for no change. Nearly everywhere saw a light addition, as IL was the largest boost with 500k acres increased from March.
NASS reported the corn stocks at 4.106 bbu for June 1st. The average trade guess was to see 4.25 bbu. That was a 5.6% reduction from last year’s volume and compared to 4.6% tighter stocks last quarter. Of the count, USDA had 2.221 bbu on farms and 1.885 bbu off farms – compared to 2.121 and 2.228 respectively from last year.
Jul 23 Corn closed at $5.54 1/2, down 26 1/2 cents,
Nearby Cash was $5.29 3/4, down 33 1/4 cents,
Sep 23 Corn closed at $4.88 1/2, down 35 cents,
Dec 23 Corn closed at $4.94 3/4, down 33 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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