After the sharp gains on Wednesday, Thursday’s corn market has a little light profit taking, down 2 to 3 cents overnight. Preliminary OI data suggests the 10 3/4 to 11 cent gains yesterday was net new buying with a net increase of 14,447 contracts on the day. March futures were in the black but went home 4 cents off the highs. New crop prices closed 7 to 7 1/2 cents higher, but near their session highs.
Traders will be watching the EIA ethanol stocks number closely in today’s report. Ethanol has backed up into the Midwest in recent weeks, filling storage, despite a rally in crude oil and products that makes ethanol more attractive to blend.
BAGE adjusted their corn crop estimate for Argentina to 57 MMT. That compares to USDA’s forecast of 54 MMT. The Rosario Grains Exchange is looking to see 48 MMT.
Mar 22 Corn closed at $6.10 1/2, up 11 cents, down 2 ½ this morning
Nearby Cash was $5.97 on Wednesday, up 11 1/8 cents,
May 22 Corn closed at $6.11, up 11 cents, down 3 this morning
Dec 22 Corn closed at $5.64 3/4, up 7 cents, down 2 this morning
New Crop Cash was $5.49 ½ on Wednesday, up 7 5/8 cents,
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