Dec corn futures turned higher in the afternoon and finished the session at the high, back above the $5 mark for the first time since 8/21 (first close +$5 since 8/02). The board settled 6 ¾ to 13 cents in the black across the front month contracts.
The weekly USDA data showed 881k MT of corn was booked during the week that ended 10/12. That was a 3-wk low, but was within estimates and well above the 200k MT sold during the same week last year. USDA listed Mexico as the top buyer, and as the top destination for the week’s export. Accumulated shipments were at 4 MMT (157 mbu) for the season.
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 $5.05, up 13 cents,
Nearby Cash was $4.75 3/8, up 13 3/8 cents,
Mar 24 Corn closed at $5.17, up 10 1/2 cents,
May 24 Corn closed at $5.24, up 9 1/2 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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