Front month corn futures were off their highs for the Thursday close, but were still up 1 ½ to 2 cents across the front months. May printed an 8 ¼ cent range for the day from-1 ½ to +4 ¾ cents.
USDA’s weekly Export Sales report had 1.19 MMT of corn was booked during the week that ended 3/14. That was at the high end of the expected range but was down 8% for the week and was under the 3.1 MMT sold during the same week last year. Total commitments were up to 41.7 MMT, which is 19% ahead of last year’s pace.
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.
May 24 Corn closed at $4.40 3/4, up 1 3/4 cents,
Nearby Cash was $4.17 7/8, up 2 3/8 cents,
Jul 24 Corn closed at $4.54, up 1 3/4 cents,
Dec 24 Corn closed at $4.76 3/4, up 2 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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