Corn futures are off their daily lows, but still trading 2 ¼ to 4 cents in the red and are setting new lows for the recent downturn.
The EIA report showed 1.052m barrels of ethanol was produced daily during the week that ended 10/27. That was a 12k barrel per day increase from the week prior and was the most output since the week of 8/11. Ethanol stocks fell by 386k barrels to 21.012 million.
USDA is expected to show 411.8 mbu of corn used for ethanol production in September. If realized that would be up by 7.4% from last year.
South Korea’s MFG reportedly booked 132k MT of corn to be sourced from optional origins. The South Korean KFA is on the market for 136k MT of optional origin feed corn. Iran is seeking 180k MT of corn.
Brazil’s AgRural had bean planting at 40% finished, from 46% last year, igniting fears of delayed beans leading to the second corn crop missing its ideal window.
Dec 23 Corn is at $4.74 3/4, down 4 cents,
Nearby Cash is at $4.47 1/1, down 2 1/4 cents,
Mar 24 Corn is at $4.89 1/2, down 3 1/2 cents,
May 24 Corn is at $4.98 1/4, down 3 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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