Midweek corn markets have traded lower through midday, with the board showing 10 to 12 cent losses so far. New crop futures were also weakening through the session, having given back 5 1/2 cents through midday.
EIA’s weekly ethanol data showed producers averaged 1.041m bpd of production during the week that ended 1/28. That was 6k barrels per day more than the week prior. Ethanol stocks continued to build, with another 1.378 million to 25.854 million barrels. Midwestern stocks were another 400k barrels higher on the week to a new record 10.507 million.
USDA reported the December corn use for ethanol at 485.816 mbu. That was the second largest on record for any month, behind December of 2018’s 487.7 mbu. MYTD corn use reached 1.828 bbu, which is a 3-yr high for the first 4 months and is 34.3% of the full year WASDE forecast.
Mar 22 Corn is at $6.23, down 11 3/4 cents,
Nearby Cash is at $6.09 5/8, down 11 3/4 cents,
May 22 Corn is at $6.22 3/4, down 11 cents,
Dec 22 Corn is at $5.72 1/4, down 5 1/2 cents,
New Crop Cash is at $5.56 7/8, down 3 5/8 cents,
/A%20concept%20image%20of%20a%20flying%20car_%20Image%20by%20Phonlamai%20Photo%20via%20Shutterstock_.jpg)
/A%20concept%20image%20of%20space_%20Image%20by%20Canities%20via%20Shutterstock_.jpg)
/Oracle%20Corp_%20office%20logo-by%20Mesut%20Dogan%20via%20iStock.jpg)