The front month corn futures market is trading at or near the overnight lows with 2 to 3 cent losses. Corn futures ended the midweek trade session 4 ½ to 6 ½ cents higher. That left the Dec contract near the highs for the day, and at a 6c gain for the week.
Going into the weekly Export Sales report, traders are looking for between 550k MT and 1.1 MMT of corn sales for the week that ended 9/14.
EIA’s weekly report had 980k barrels per day for the week that ended 9/15. That was down from 1.039m bpd last week and was the first average daily production below 1m barrels since the week that ended 5/19. Estimated weekly corn grind dropped to around 98 million bushels for the week. Ethanol stocks were 21.681 million barrels, 510k barrels above last week.
Wire sources have Taiwan as buying 65k MT of corn from Brazil. South Korea’s MFG booked 68k MT of corn, reported as either South American or South African sourced. South Korea’s NOFI booked 136k MT of corn via tender. Iran reportedly booked feed corn via tender. Algeria is on the market for 60k MT of corn.
CONAB estimates the 23/24 Brazilian corn crop at 119.8 MMT, on an expected lower harvested area.
Dec 23 Corn closed at $4.82 1/4, up 6 cents, currently down 3 1/4 cents
Nearby Cash was $4.54 7/8, up 4 1/8 cents,
Mar 24 Corn closed at $4.96 3/4, up 6 1/4 cents, currently down 2 3/4 cents
May 24 Corn closed at $5.05 1/2, up 6 1/2 cents, currently down 3 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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