Corn continued weaker on Wednesday with 3 to 4 cent losses. The Dec contract was 3 cents off the low for the close. Basis has firmed to 29c under according to the cmdtyView data, from -36c in late Sep.
The weekly EIA data had 1.04 million barrels of ethanol produced per day on average through the week that ended 10/20. That was another 5k bpd increase for the week and was the most output since the week of 8/18. Ethanol stocks were listed at 21.398 million barrels, 286k higher than the week prior.
Traders are looking for the weekly Export Sales report to show between 600k MT and 1.2 MMT of corn was booked during the week that ended 10/19.
Anec data has October corn exports at 8.239 MMT for Brazil, that compares to 6.173 MMT last year.
USDA’s Ag Attache estimated Ukraine’s corn yield 9% above the WAOB’s official forecast for a net 2.7 MMT increase to output. The Attache has corn production listed at 30.7 MMT, with exports at 24.7 MMT.
Dec 23 Corn closed at $4.80, down 4 cents,
Nearby Cash was $4.51 7/8, down 3 1/2 cents,
Mar 24 Corn closed at $4.94 1/2, down 3 1/2 cents,
May 24 Corn closed at $5.03, 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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