Corn traded higher initially at the day trade open for Thursday, but through the morning action has faded back to the red. Midday quotes are fractionally to 1 ¼ cents lower for the front month futures. National average basis has firmed to 29c under according to the cmdtyView data, from -36c in late Sep.
FAS reported corn bookings were 1.351 MMT for the week that ended 10/19. That was 53% increase for the week and was above the 408k MT sold during the same week last year. Traders were looking for less than 1.2 MMT. The weekly data had Mexico as the top buyer with over half of the total, of which included 200k MT previously announced. That set the season’s total commitment at 17.53 MMT (690 mbu), up from 13.83 MMT (544 mbu) last year.
Iran is on the market for 180k MT of feed corn via tender.
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, up from 6.173 MMT last year.
Dec 23 Corn is at $4.79, down 1 cent,
Nearby Cash is at $4.50 7/8, down 1 cent,
Mar 24 Corn is at $4.93 1/2, down 1 cent,
May 24 Corn is at $5.02, down 1 cent,
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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