With no profit taking from the shorts to be had on Friday, the bears pushed corn futures another 2 to 4 cents lower into the weekend. Dec saw a new low for the move, to levels not seen since 2021, as the market fell a net 13 ¼ cents for the week. New crop Dec futures were down by 10 ¾ cents from Friday to Friday. The weekly CoT data will be available Monday in recognition of Veteran’s Day.
The weekly Ethanol report from USDA showed ethanol prices averaged $1.70 to $1.90/gal regionally, mostly UNCH to 20 cents weaker. The DDGS market was mostly UNCH to $30/ton stronger this week, from $180 to $225/ton regionally. Corn oil traded from 53 to 58 cents/lb regionally, mostly UNCH for the week.
NASS raised the corn yield nationally by 1.9 bpa yield increase nationally to 174.9. The trade was looking for a 0.3 bpa increase. That lifted production by 170 mbu to 15.234 billion. Carryout was upped 45 mbu on net, after some increased demand, to 2.156 billion.
Global WASDE numbers saw a 6.3 MMT production increase, mostly U.S., to 1.221b MT. Exports were upped by 3.4 MMT, and Carryout was 2.6 MMT looser at 315 MMT. Brazil’s CONAB estimated corn area slightly lower for a 338k MT reduced output of 119.07 MMT. USDA is officially at 129 MMT for Brazilian corn production.
Dec 23 Corn closed at $4.64, down 4 cents,
Nearby Cash was $4.38 5/8, down 4 1/8 cents,
Mar 24 Corn closed at $4.79, down 3 3/4 cents,
May 24 Corn closed at $4.88 1/2, 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.
/Advanced%20Micro%20Devices%20Inc_%20office%20sign-by%20Poetra_RH%20via%20Shutterstock.jpg)
/Alphabet%20(Google)%20Image%20by%20Markus%20Mainka%20via%20Shutterstock.jpg)
/Tesla%20Inc%20logo%20by-%20baileystock%20via%20iStock.jpg)