Corn started the Thursday session with strength, but futures are down by as much as 3 ½ cents at midday. Open interest on net increased by 5.4k contracts, though most of the action was rolling from March to May contracts – down by 28k and up by 29.5k contracts respectively. Options net increased by 24k contracts with 15k new calls and 9k new puts added.
EIA data showed ethanol output increased 1k bpd to 1.084 million barrels per day through the week that ended 2/16. Ethanol stocks were 308k barrels less to 25.5 million.
USDA announced a private export sale for 126k MT of old crop sorghum to China this morning.
Brazil’s Anec expects Feb corn shipments to total 716,718 MT, compared to 1.9 MMT last year.
Mar 24 Corn is at $4.08 1/4, down 2 3/4 cents,
Nearby Cash is at $3.90 5/8, down 2 5/8 cents,
May 24 Corn is at $4.20 3/4, down 3 1/2 cents,
Jul 24 Corn is at $4.32 3/4, down 3 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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