Corn closed the last trade day of the week with 1 ½ to 2 cent gains, leaving the March contract at a net 2 ¼ cent gain for the week. March corn finished the month of November with a net 10 ¼ cent loss. The Dec/Dec spread was back below a 50c premium at the close, though the new crop soy/corn ratio improved to 2.596.
USDA reported the average regional ethanol prices from $$1.63 to $1.78/gal, mostly down 7 to 27 cents. DDGS were mostly $5 to $20 stronger from $180 to $230/ton. Corn oil was quoted within 1-3 cents/lb from 53 to 60 cents/lb.
NASS reported 461.5 mbu of corn was consumed for ethanol during the month of October, which was the most for the month since Oct ’17. That set the season total at 892 mbu, compared to 832 mbu last year.
The weekly Export Sales data had 1.928 MMT of corn booked during the week that ended 11/23. That was well 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.
Dec 23 Corn is at $4.68 1/2, up 6 3/4 cents,
Nearby Cash is at $4.55 1/1, up 13 7/8 cents,
Mar 24 Corn is at $4.88 3/4, up 6 cents,
May 24 Corn is at $5.00 1/4, up 5 1/4 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.
/A%20Palantir%20sign%20displayed%20on%20an%20office%20building%20by%20Poetra_RH%20via%20Shutterstock.jpg)
/Chipset%20held%20over%20rush%20hour%20traffic%20by%20Jae%20Young%20Ju%20via%20iStock.jpg)
/Meta%20by%20creativeneko%20via%20Shutterstock.jpg)
/Tesla%20charging%20station%20black%20background%20by%20Blomst%20via%20Pixabay.jpg)