Overnight action in the corn market has things fractionally lower so far on Wednesday morning. Corn futures managed to squeeze gains out of the Tuesday session, as contracts closed with gains of ½ to 3 cents across the board. Preliminary open interest data showed a significant drop in December futures OI ahead of Friday’s options expiration, down 33,094 contracts. There were still 314,536 open. Some of that moved to March, with OI in that month up 19,636 contracts. Some spillover support from higher beans and wheat helped corn to push higher.
The markets will be closed Thursday for Thanksgiving, with Friday having a hard open at 8:30 am CST and closing early at 12:05 PM CST.
EIA will be out with their weekly petroleum report on Wednesday morning showing weekly ethanol production and stocks. Production is expected to improve vs. last week’s total of 1.047 million barrels per day as margins have remained attractive.
Barchart updated their US corn production forecast on Tuesday, leaving their expected US average yield at 183.74 bpa. The overall production total was raised by 738 mbu to 15.67 bbu in a 1.05 million acre increase to harvested acres at 85.29 million. That compares to the USDA’s current numbers at 174.9 bpa for yield and 87.1 million acres for harvested acreage.
Dec 23 Corn closed at $4.70, up 1/2 cent, currently down ½ cents
Nearby Cash was $4.45 1/2, up 1 1/8 cents,
Mar 24 Corn closed at $4.89, up 1 1/2 cents, currently down ¾ cents
May 24 Corn closed at $5.00, up 2 1/4 cents, currently up ¾ 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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