Beginning the new month of September, futures are trading with 3 ¼ to 6 cent gains. Dec had seen a 49 ½ cent range through the month of August, but closed at a net 34 ¾ cent loss. December is also at a 4 ¼ cent loss for the week so far.
USDA’s weekly National Ethanol report cited cash prices for the fuel from $2.08 to $2.15/gal regionally. Most areas were 2 to 10 cents/gal higher for the week. DDGS were shown from $195-$210/ton regionally. Compared to last week, prices were within $20/ton of UNCH with near equal regions higher and lower wk/wk. The cash corn oil market was mostly weaker by 1 to 2 cents, from 66 to 70 cents/lb regionally.
Trader respondents expect NASS will report 462.7 mbu of July corn use for ethanol.
The weekly Export Sales data showed old crop corn bookings were 71,737 MT for the week that ended 8/24. That was inline with the expected range and left old crop commitments at 40.6 MMT (1.6 bbu). New corn business was shown at 992k MT, which was near the top end of the expected range. Total forward sales were marked at 8.343 MMT (328.5 mbu), compared to 9.86 MMT (388.5 mbu) LY.
Sep 23 Corn is at $4.65 3/4, up 4 3/4 cents,
Nearby Cash is at $4.66 3/4, down 15 1/2 cents,
Dec 23 Corn is at $4.84, up 5 3/4 cents,
Mar 24 Corn is at $4.98 3/4, up 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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