Friday’s corn market is another 4 to 6 ½ cents weaker with the lead month sub-$4 for the first time since fall of 2020.
The weekly Export Sales data showed 820k MT of corn was sold during the week that ended 2/15. Traders were looking for at leas 700k MT. USDA had commitments at 37 MMT, or 30% ahead of last year’s pace.
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 smaller to 25.5 million. The EPA has agreed to permit the sale of E-15 gasoline for the entire year; beginning in 2025. Last year, they had issued a temporary waiver to allow E-15 sales in the summer – one has not been issued yet for this year.
Mar 24 Corn is at $3.99 1/2, down 6 1/2 cents,
Nearby Cash is at $3.81, down 6 1/2 cents,
May 24 Corn is at $4.13 1/4, down 5 1/4 cents,
Jul 24 Corn is at $4.26, down 4 3/4 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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