Corn prices are trading off their overnight lows, but 1 to 2c in the red ahead of the weekly USDA Export Sales report. Futures ended the session 2c off the high but 3 ½ cents off their low on Wednesday for 1 ¾ to 3c gains. The average closing price for Dec through the month of October so far is $4.90, compared to the $5.91 Spring price.
Traders are looking for the weekly FAS data to show between 500k and 1.1 MMT of corn was sold during the week that ended 10/12. New crop sales are expected to be below 125k MT for the week.
EIA showed ethanol producers averaged 1.035m barrels of ethanol output per day during the week that ended 10/13. That was a 6-wk high and was the 4th consecutive +1m bpd week. Ethanol stocks tightened by 414k barrels to 21.112 million. That is the tightest since December 2021 and intriguing since gasoline use was 4% above year ago and up 3% from the previous week.
Dec 23 Corn closed at $4.92, up 3 cents, currently UNCH
Nearby Cash was $4.62 1/1, up 3 3/4 cents,
Mar 24 Corn closed at $5.06 1/2, up 2 3/4 cents, currently down 1 1/2 cents
May 24 Corn closed at $5.14 1/2, up 3 1/4 cents, currently down 1 3/4 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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