Wednesday corn trading saw old crop prices drop back by double digits. March ended the day 18 1/4 cents off the high and 5 3/4 cents off the low, with an overall 12 1/4 cent pullback. New crop prices ended the session with more modest 4 3/4 to 7 cent losses.
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.
Analysts expect the weekly USDA Export Sales report to show corn bookings between 600k MT and 1.3 MMT from the week that ended 1/27. For new crop bookings are estimated to be below 250,0000 MT.
Mar 22 Corn closed at $6.22 1/2, down 12 1/4 cents,
Nearby Cash was $6.08 3/4, down 12 5/8 cents,
May 22 Corn closed at $6.22 1/4, down 11 1/2 cents,
Dec 22 Corn closed at $5.73, down 4 3/4 cents,
New Crop Cash was $5.55 1/2, down 4 cents,
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