Front month corn futures are up by 2 ½ to 4 cents so far for Thursday. That has the March contract less than a penny from the daily high.
Wire sources say South Korea’s KFA is on the market for 138k MT of corn.
USDA’s weekly Export Sales report showed 1.289 MMT of corn was booked during the week that ended 11/30. That was a 4-wk low but was within the range of estimates. Corn commitments for the season were up to 25.747 MMT (1 billion bushels).
Census data confirmed 2.811 MMT, 110.7 mbu, of corn was shipped during October. That left the season total at 235 mbu for the first two months – 27% ahead of last year’s pace. DDGS exports were 897k MT for October, that was a 12% increase from the same month last year.
EIA’s weekly data showed that 1.076m barrels of ethanol were produced on average each day during the week that ended 12/1. That was a 65k barrel per day increase from the week prior. Ethanol stocks were shown 60k barrels above the week prior at 21.439 million barrels. The monthly Census data put ethanol exports at 117.09m gallons during October, which was down from the Sep record of 120m but was a 37% increase from Oct ’22.
Mar 24 Corn is at $4.87 3/4, up 3 1/2 cents,
Nearby Cash is at $4.57 3/4, up 3 7/8 cents,
May 24 Corn is at $4.99 1/2, up 3 3/4 cents,
Jul 24 Corn is at $5.07 1/2, up 3 1/2 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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