Front month corn futures are trading fractionally mixed to 2 cents stronger at midday. Preliminary open interest dropped 13,855 contracts on short covering ahead of the index fund roll period (starts Friday).Â
Monthly Census data confirmed Feb corn shipments were 211.4 mbu which was a 25% increase over January and a 64% increase from Feb ’23. DDGS exports were 986k MT and a 5-yr high for the month. Census had ethanol shipments at 139m gallons, a 7% dip from Jan but still 34% over Feb ’23.Â
USDA reported export sales on the low end of those estimates at 948,000 MT. Japan and Mexico were active buyers, but reductions of 258,400 MT in sales to unknown and Canada reduced the total. We have been anticipating strong export shipments as Brazil runs out of winter corn inventory, and USDA confirmed the largest export week of the year, at 1.641 MMT. New crop sales in the week ending March 28 totaled 11,400 MT.Â
According to EIA data, ethanol producers averaged 1.073 million barrels per day in the week ending 3/29. This marked the highest weekly output since the week of 2/23. Ethanol stocks stood at 26.416 million barrels, reflecting a 324,000-barrel increase for the week. Implied gasoline use was up, but still lags year ago. That lags is mostly due to improved average fuel economy.Â
May 24 Corn  is at $4.33 3/4, up 2 cents,
Nearby Cash  is at $4.13 3/8, up 1 3/4 cents,
Jul 24 Corn  is at $4.46 1/4, up 1 1/4 cents,
Dec 24 Corn  is at $4.71 3/4, up 1/2 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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