Corn is working fractionally to 1 ¼ cents weaker in early Thursday futures action. The September contract rolls off the board at the close today – currently a 17 ½ cent discount to the Dec contract. Corn rebounded with 4 ¾ to 5 ¾ cent gains on Wednesday. That had the Dec contract sitting at a 1 ½ cent loss for the week through Wednesday. Preliminary open interest showed short covering, dropping 4,485 contracts as report day bears took profits.
This morning’s USDA Export Sales report is expected to show between 500k MT and 1.1 MMT of corn sales for the week that ended 9/7.
EIA reported ethanol production averaged 1.039m barrels per day for the week that ended 9/8. That was 27k bpd above last week. Stocks tightened by 450k barrels to 21.2 million.
Sep 23 Corn closed at $4.64, up 3/4 cent, currently up 3/4 cent
Nearby Cash was $4.59 1/1, up 5 7/8 cents,
Dec 23 Corn closed at $4.82 1/4, up 5 3/4 cents, currently down 3/4 cent
Mar 24 Corn closed at $4.96 1/4, up 5 1/4 cents, currently down 1 cent
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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