Midweek corn futures remain within their tight range after a drop at the day session’s opening. Futures are currently fractionally weaker for the midday prints. May prices have so far seen a 5 ¼ cent range on the day.
Deliveries from the CME confirmed another 30 contracts issued via StoneX and stopped by ABN. That brought the March total to 245 contracts, with the oldest remaining long at 2/27.
Ukraine’s March grain shipments were already 774k MT according to Ministry data. That compared to 641k MT during last year’s pace. Feb’s total was 5.8 MMT at +11.5% vs last year.
The weekly EIA data showed output drew back 21k barrels per day to 1.057 million during the week ending 3/1. Ethanol stocks grew by 29k barrels to 26.051 million.
Traders are looking for the WASDE report to show a 17.2 mbu cut to U.S. corn stocks on average. Brazilian production is expected to come down by 1.6 MMT and the trade is looking for world carryout to tighten by 1.2 MMT.
AgRural reported Brazil’s 2nd crop planting at 86% complete vs 73% last week and 70% at the same time last year. The Center-South’s 1st crop harvest reached 49% complete, compared to 37% at this time last year.
Mar 24 Corn is at $4.15 1/2, up 2 cents,
Nearby Cash is at $3.98 3/4, up 1/2 cent,
May 24 Corn is at $4.26 1/2, up 1/4 cent,
Jul 24 Corn is at $4.37 1/2, unch,
Dec 24 Corn is at $4.59, down 1/4 cent,
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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