The front month corn market dropped another 4 to 5 ¾ cents on Thursday. The March contract was 1 ¾ cents off the low for the bell after an 11 ¼ cent range. The Mar/Dec spread widened to 47 ¼ cents at the close.
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. Pre-report surveys show analysts are looking for FAS data to show between 700k MT and 1.5 MMT for the week that ended 2/15. New crop corn bookings are expected to be below 50k MT.
Brazil’s Anec expects Feb corn shipments to total 716,718 MT, compared to 1.9 MMT last year.
Mar 24 Corn closed at $4.06, down 5 cents,
Nearby Cash was $3.88 1/2, down 4 3/4 cents,
May 24 Corn closed at $4.18 1/2, down 5 3/4 cents,
Jul 24 Corn closed at $4.30 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.
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