Corn futures remain fractionally to 1 ½ cents in the red for old crop at midday. New crop futures are fractionally to 2 cents higher so far.
EIA reported ethanol producers averaged 1.046 million barrels per day through the week that ended 3/15. That was a 22k bpd increase for the week. Ethanol stocks were 227k barrels looser at 26 million barrels.
USDA’s Ag Attache released Mexico’s preliminary 24/25 corn balance sheet, showing an increase for corn production. Citing average weather, trend yield improvements, and increased planted acreage corn output was 2.7 MMT higher to 25 MMT.
Chinese customs data had 6.2 MMT of corn imports for 2024 through Feb. Of the total, Brazil contributed 4.1 MMT of corn and U.S. sourced 770k MT.
Brazil’s AgRural had corn harvest at 68% finished for the Center-South region, up from 57% last week and 51% at the same time last year. Thery reported 2nd crop planting at 97% complete, matching Safras reports. China has apparently approved another 27 GMO corn varieties for planting on Tuesday.
Ukraine’s Ag Ministry reported grain shipments totaled 32.4 MMT, including 17.4 MMT of corn, for the season-to-date. That is 9.4% below last year, with corn shipments trailing last year’s pace by 17%. Ukraine’s Ag. Ministry is predicting that 2024 corn acres there will total 3.86 million hectares, down 4.5% from 2023. Shortages of labor, inputs and transport are all factors.
May 24 Corn is at $4.38 1/4, down 1 1/4 cents,
Nearby Cash is at $4.13 3/8, down 1 1/4 cents,
Jul 24 Corn is at $4.51 1/2, down 3/4 cent,
Dec 24 Corn is at $4.74, up 3/4 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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