Front month corn futures are at or near their lows for the day with 4 ¾ to 6 cent losses so far on Friday. Open interest continues to rise with the new year, up 12,696 contracts on Thursday. Most of that was in the March and December delivery months.
Weekly FAS data, delayed due to New Years’s Day, showed 368k MT of corn was booked during the week that ended 12/28. That was a MY low and down 70% from the week prior. Sorghum sales were shown as 18.7k MT which was up from 11k the week prior. Total commitments were listed at 29.79 MMT for corn and 3.93 MMT for milo as of 12/28.
Weekly data from EIA showed ethanol producers averaged 1.049 million barrels per day during the week that ended 12/29. That was down from the 2nd most all time the week prior and a 4-wk low that was likely influenced by the holiday.
Argentine corn planting has advance to 78% complete as we’re now in the second planting window.
Mar 24 Corn is at $4.60 3/4, down 5 3/4 cents,
Nearby Cash is at $4.33 1/2, down 5 5/8 cents,
May 24 Corn is at $4.73 1/4, down 5 3/4 cents,
Jul 24 Corn is at $4.83 3/4, down 5 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.
/Cisco%20Systems%2C%20Inc_%20magnified%20logo-by%20Pavel%20Kapysh%20via%20Shutterstock.jpg)
/NVIDIA%20Corp%20logo%20on%20phone%20and%20AI%20chip-by%20Below%20the%20Sky%20via%20Shutterstock.jpg)
