Corn prices are gaining more than 1% through midday. The March contract was is a ¼ cent off the daily high with an 8c gain for the session. Preliminary OI for December is down to 10,548 contracts.
The weekly Export Sales data had 1.928 MMT of corn booked during the week that ended 11/23. That was above estimates and a new MY high. Unknown was the top buyer with 730k MT followed by Mexico with 300k MT. The season’s total commitments were up to 963 mbu compared to 722 mbu at the same time last year.
The weekly EIA data on Wednesday 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.
Dec 23 Corn is at $4.61 1/4, up 11 1/2 cents,
Nearby Cash is at $4.38 1/2, up 13 3/4 cents,
Mar 24 Corn is at $4.83 1/4, up 7 1/2 cents,
May 24 Corn is at $4.95 1/4, up 6 3/4 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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