Corn futures are trading around unchanged at midday, with contracts just fractionally mixed ahead of the Thanksgiving holiday. Tuesday’s 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.
USDA reported a private export sale announcement of 128,000 MT of corn sold to unknown destinations for 23/24 delivery. A private feed group in Taiwan purchased 65,000 MT of corn in a tender on Wednesday, expected to be US origin. A South Korean group bought 65,000 MT with either US or South American origin expected. The trade estimates between 0.7 and 1.6 MMT in corn export sales during the week that ended on November 16. The Export Sales report will be released on Friday due to Thursday’s Holiday.
EIA’s weekly update showed production during the week that ended on November 17 at 1.023 million barrels per day. That was a drop of 24,000 bpd on the week. Stocks were tallied at 21.652 million barrels, a jump of 698,000 barrels since the previous Friday and the highest since late September. A bulk of the build-up was in the Gulf (572,000 barrels) implying a run for exports.
Agroconsult pegs the Brazilian corn crop for this year at 128.7 MMT, with the second crop at 100 MMT.
Dec 23 Corn is at $4.69 1/2, down 1/2 cent,
Nearby Cash is at $4.45 5/8, up 1/8 cent,
Mar 24 Corn is at $4.89, unch,
May 24 Corn is at $5.00 1/4, up 1/4 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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