Morning corn trading shows futures working at or near their overnight lows with 3 to 3 ½ cent losses. Corn futures faded on Wednesday with fractional to 1 ½ cent losses across the front months. Dec remains at a net 9 cent gain for the week’s move. The March contract, at a 1c carry, remained over the $5 mark at the settle.
Weekly EIA data showed ethanol producers averaged 1.009m barrels per day through the week that ended 9/29. That equates to about 101 million bushels of corn use for the week. That production was even with last week’s output, while ethanol stocks were 164k barrels tighter at 21.884 million.
USDA announced a private corn export sale yesterday morning, as Mexico booked 196.6k MT (with 109k for 23/24, and 87k for 24/25). Pre-report estimates for this morning’s weekly Export Sales report run between 1.4 MMT and 2 MMT of old crop corn business for the week that ended 9/28. That includes a large previously announced sale to Mexico. New crop sales are figured between 600k MT and 750k MT.
Safras and Mercado estimated Brazil’s summer crop corn production at 26.86 MMT, down from their prior 26.9 MMT forecast. They now have the total corn output (3 crops) forecasted at 135.7 MMT, 300k MT above the prior forecast.
Dec 23 Corn closed at $4.86, down 1 1/2 cents, currently down 3 1/4 cents
Nearby Cash was $4.52 7/8, down 1 cents,
Mar 24 Corn closed at $5.01, down 1 1/4 cents, currently down 3 cents
May 24 Corn closed at $5.09 1/2, down 1 cent, 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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