So far for Wednesday, the corn board has 2 to 3 ½ cent gains. Dec stayed in a tighter 4 ¼ cent range overnight. Front month corn futures saw a wide 14 cent range on the day from -10 ½ to +3 ¼ cents. At the end, futures were 7 ¾ to 9 ½ cents in the red. Preliminary open interest plunged 30,262 contracts with the expirations and exercises of the September options. Some long liquidation was noted in December, with net new selling in the 2024 delivery months.
EIA will release the weekly ethanol production figures later this morning.
StatsCan reported the 2023 corn output is expected at 14.727 MMT, compared to 14.54 MMT last year and the 14.8 MMT average trade guess going in.
Sep 23 Corn closed at $4.69 1/2, down 9 cents, currently up 3 1/4 cents
Nearby Cash was $4.94 3/4, down 8 1/2 cents,
Dec 23 Corn closed at $4.86 3/4, down 9 1/2 cents, currently up 3 1/2 cents
Mar 24 Corn closed at $5.01 3/4, down 9 1/4 cents, currently up 3 1/2 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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