Corn is trading 2 to 4 cents weaker to begin Leap Day. The front month corn futures were near their highs for the close with a nickel gain for both the March and the May contracts on Wednesday. The new crop futures also closed higher on the day, though by 2 to 3 ½ cents. May is sitting at a net weekly gain of 13 ½ cents so far. There were no deliveries issued on first notice day for March corn, though everybody wanted out with preliminary open interest in March  51,606 contracts. Overall preliminary OI was down 26,879, with May up 21,999.
Traders are looking for the weekly FAS report to show between 600k MT and 1.2 MMT of old crop corn export bookings for the week that ended 2/22. New crop export sales are estimated to be as high as 150k MT for the week.Â
Brazil’s Anec has Feb corn shipments near 716.7k MT for the month which matched their prior expectation.Â
EIA reported ethanol producers averaged 1.078 million barrels of output per day through the week that ended 2/23. That was down from 1.084m bpd for the week prior. Ethanol stocks increased by 520k barrels for the week to 26.022 million barrels.Â
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Mar 24 Corn  closed at $4.13 1/4, up 5 cents, currently down 2 1/2 cents
Nearby Cash  was $3.97 1/1, up 5 1/2 cents,
May 24 Corn  closed at $4.28 1/2, up 5 cents, currently down 3 1/2 cents
Jul 24 Corn  closed at $4.40 1/4, up 4 1/4 cents, currently down 3 1/4 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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