Front month corn prices stared out the session firmer, but closed the tight ranged day 1 ¾ to 2 ¼ cents in the red.
The weekly EIA data showed producers averaged 1.107 million barrels of ethanol output daily during the week that ended 12/22. That was a 36k bpd increase for the week, and nearly a new record output trailing the 1.108 million bpd record from Dec 1 ’17. Ethanol stocks increased 611k barrels for the week to 23.517 million – a 35-wk high.
Trade estimates ahead of the weekly Export Sales report show traders are looking for between 600k MT and 1.2 MMT of corn bookings for the week that ended 12/21. New crop corn sales are estimated below 25k MT.
Brazil’s ANEC has corn exports at 6.96 MMT for the month of December. That is down from the 7.17 MMT prior estimate.
Mar 24 Corn closed at $4.74 1/4, down 2 1/4 cents,
Nearby Cash was $4.47 1/4, down 2 1/8 cents,
May 24 Corn closed at $4.86 1/2, down 2 cents,
Jul 24 Corn closed at $4.96, down 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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