Dec corn prices are down by 1 ¾ cents through midday, being left behind as OI drops ahead of the delivery process. The other contracts are UNCH to 1 ¾ cents in the black. Preliminary open interest saw December ’23 contracts fall 72,251, to less than 83,000 active. The Dec/Dec spread is now 54 ¼ cents. Spot Dec enters deliveries this week, with FND on Thursday.
Trade estimates ahead of the weekly Export Sales report range 600k to 1.2m MT for the week that ended 11/23. New crop forward sales are expected to be below 50k MT.
The weekly EIA data showed the average daily ethanol production was 1.011 million barrels. That was down 12k bpd from last week. Ethanol stocks were 273k barrels tighter at 21.379m barrels.
Estimates ahead of StatsCan’s report show the trade is looking for corn output between 14.8 MMT and 15.1 MMT with 15.0 as the average trade guess. Last year’s corn output was 14.93 MMT, and USDA is currently using 15.3 MMT for Canada’s corn crop.
Dec 23 Corn is at $4.49, down 2 1/2 cents,
Nearby Cash is at $4.25 1/4, down 2 cents,
Mar 24 Corn is at $4.73 1/2, unch,
May 24 Corn is at $4.86 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.
/An%20image%20of%20a%20Tesla%20humanoid%20robot%20in%20front%20of%20the%20company%20logo%20Around%20the%20World%20Photos%20via%20Shutterstock.jpg)
/A%20Palantir%20office%20building%20in%20Tokyo_%20Image%20by%20Hiroshi-Mori-Stock%20via%20Shutterstock_.jpg)
/AI%20(artificial%20intelligence)/Data%20Center%20by%20Caureem%20via%20Shutterstock%20(2).jpg)
/Quantum%20Computing/A%20concept%20image%20of%20a%20green%20and%20yellow%20motherboard_%20Image%20by%20Gorodenkoff%20via%20Shutterstock_.jpg)
/Tesla%20Inc%20logo%20by-%20baileystock%20via%20iStock(1).jpg)