Corn is trading fractionally to a penny lower ahead of the weekly Export Sales report release. Dec kept to a tighter 4 ¾ cent range from -2 ¼ to +2 ½ overnight. Corn futures closed the midweek session ½ to 4 ¼ cents higher on Wednesday. That has the Dec contract 6 cents in the black for the week to date. Preliminary open interest continues to grow with harvest, rising 6,689 contracts on Wednesday. The Dollar Index set new highs for the move on Wednesday, a headwind that corn overcame.
Analysts estimate between 475k MT and 1.2 MMT of corn was sold for export during the week that ended 9/21. USDA’s Weekly Export Sales report will be out shortly.
Ahead of the Quarterly Grain Stocks report the trade is looking for NASS to report final 22/23 carryout at 1.44 bbu. That would be 13 mbu looser than the WASDE projection. The full range of estimates is to see between 1.32 bbu and 1.51 bbu of corn supplies for Sep 1.
EIA reported the average daily ethanol production was 1.009 million barrels during the week that ended 9/22. That was up 29k bpd week to week. Ethanol stocks were 367k barrels looser to 22.048 million.
Brazil’s Anec estimated Sep corn shipments at 9.6 MMT, up 2.75 MMT (40%) yr/yr.
Dec 23 Corn closed at $4.83 1/4, up 3 1/2 cents, currently down 3/4 cent
Nearby Cash was $4.55 3/4, up 3 3/4 cents,
Mar 24 Corn closed at $4.98 1/4, up 3 3/4 cents, currently down 1 cent
May 24 Corn closed at $5.06 3/4, up 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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