Corn Obtaining More Market Participants into 2024

Corn futures are off the highs, which had March up by 2 ¾ cents, but are still fractionally to a penny in the black so far for Thursday. Front month corn futures ended with 1 ¼ to 2 ¼ cent losses on Wednesday. March futures printed an 8 ¼ cent range on the day from -3 ½ to +4 ¾ cents. Open interest increased 24.6k contracts on Wednesday – mainly in the May contracts. Corn OI is up 222k contracts (17%) since the start of the year. Wednesday trading also increased OI in options, with 15k new calls and 25k new puts added. 

Weekly FAS Export Sales data is delayed until Friday because of the MLK holiday on Monday.  Weekly EIA ethanol production data is expected to be released today.  

The European Commission has seen corn imports at 9.52 MMT for the season through Jan 14. That is 42% behind last year’s pace. FranceAgriMer revised their corn export figure 40k MT lower to 4.15 MMT, with carryout for France upped to 2.2 MMT. 

Brazil’s AgRural reported 1st crop corn harvest at 5.1% finished with 2nd crop planting at 0.4%. Their production estimate for combined first and second crop corn output in 2024 is 114.1 MMT.  Consultant Cordonnier dropped his estimate for Brazil to 115 MMT from 117 MMT. The Rosario Grain Exchange sees Argentine production at 59 MMT, and potentially 60 MMT. 

Mar 24 Corn  closed at $4.42 1/4, down 1 1/4 cents, currently up 1 cent

Nearby Cash   was $4.18 1/1, down 3/4 cent,

May 24 Corn  closed at $4.53 3/4, down 1 1/2 cents, currently up 3/4 cent

Jul 24 Corn  closed at $4.62 1/2, down 1 1/2 cents, currently up 3/4 cent