Heading into the day session of Friday, corn futures are fractionally to a penny weaker and nearer the lows after a ~5c range overnight. The Dec corn kept to a 6 ½ cent range on Thursday. Futures ultimately closed with fractional to 1 ¾ cent losses for the day. September corn expired at $4.62 ½ - or an 18 cent discount/expiration gap for the now lead month Dec.
StatsCan data put 2023 Canadian corn production at 14.932 MMT. That was up 2.7% from last year.
USDA reported 753k MT of corn was booked for export during the week that ended 9/7. That was inline with the pre-report estimates. Colombia and Mexico were the top buyers for the week. There were also 726k MT of exports for the week leaving corn commitments at 11.16 MMT (439 mbu).
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.
Dec 23 Corn closed at $4.80 1/2, down 1 3/4 cents, currently down 1 cent
Nearby Cash was $4.56 3/8, down 2 1/2 cents,
Mar 24 Corn closed at $4.94 1/2, down 1 3/4 cents, currently down 3/4 cent
May 24 Corn closed at $5.02 3/4, down 1 3/4 cents, currently down 1/2 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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