Corn prices are at their overnight highs on 3-4 cent gains in early Wednesday market action. The corn market ended a penny to 1 ¾ cents in the red. December sits at a 4 ¼ cent loss after the first two days of the week. Preliminary open interest shows net new selling on Tuesday, rising 3,825 contracts.
Traders are expecting EIA to show average daily ethanol production of over 1 million bpd for the fourth consecutive week. That report will be released later this morning, with the level of ethanol stocks (net use) also of interest.
Weekly Crop Progress data released after the Monday close showed 95% of the corn crop mature on 10/15, and 45% harvested. NASS’s final corn conditions converted to a 339 on the Brugler500 Index, a 1pt improvement for the week.
Dec 23 Corn closed at $4.89, down 1 cent, currently up 4 cents
Nearby Cash was $4.58 1/8, down 3/4 cent,
Mar 24 Corn closed at $5.03 3/4, down 1 1/4 cents, currently up 4 1/4 cents
May 24 Corn closed at $5.11 1/4, down 1 1/2 cents, currently up 4 1/4 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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