The front month corn futures settled the midweek session 1 ¼ to 3 cents lower. March saw a 7 ¼ cent range for the day with action on both sides of UNCH, including a new low for the move.
Analyst estimates for the weekly Export Sales report range 800k MT to 1.5 MMT for corn bookings during the week of 12/14. New crop sales are expected to be below 25k MT for the week.
The weekly EIA report showed producers averaged 1.071 million barrels of ethanol output daily during the week that ended 12/15. That was a 3k bpd decrease from the week prior’s level. Ethanol stocks were shown at 22.9m barrels, up 806k from last week. That marked two consecutive weeks with declining production and increasing stocks.
Crop forecaster Michael Cordonnier reduced his prediction for Brazilian corn production to 117 MMT, dropping below the CONAB 118.5 MMT and well below USDA’s 129 MMT. The bulk of the crop is not planted until February (winter corn) so such reductions are based on assumed lower acreage. Cordonnier raised his Argentine forecast 1 MMT to 53 MMT, coming closer to USDA’s 55 MMT, and 748 million bushels more than last year (34 MMT).
Mar 24 Corn closed at $4.69 3/4, down 3 cents,
Nearby Cash was $4.42 1/1, down 2 5/8 cents,
May 24 Corn closed at $4.82 1/2, down 2 3/4 cents,
Jul 24 Corn closed at $4.92 1/2, down 2 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.
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