Corn felt the pressure earlier this morning after giving back all of the overnight gains ~5AM central. Futures are currently looking for a low for the day with midday prices 5 ½ to 7 ¾ cents in the red.
USDA flashed another large private export sale this morning, as Japan booked 124k MT of corn. Reports on the wire have Iran tendering for 180k MT of feed corn.
EIA data showed 1.047m barrels of ethanol were produced on average during the week that ended 11/10. That was a 5k bpd increase from the week prior but was still 5k bpd lighter than the week of 10/27 – the last reported data point. Stocks had tightened 58k barrles to 20.954 million – the lowest since Dec ’21.
AgRural reported the 1st crop Brazilian corn planting reached 76% complete in the C-S region, that is 10ppts more through the week and is faster than the 70% last year. The French Ag Ministry raised their corn production figure 400k MT to 12.5 MMT citing better than expected yields. That is still 6% below the 5-yr average for France.
Dec 23 Corn is at $4.70 1/4, down 8 cents,
Nearby Cash is at $4.44 1/4, down 8 1/8 cents,
Mar 24 Corn is at $4.88, down 6 1/4 cents,
May 24 Corn is at $4.97 3/4, down 6 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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