Corn futures are 5 to 6 cents lower this morning. Preliminary OI data showed a drop of 8,290 contracts during the old crop decline on Wednesday, long liquidation after an ag attaché report reduced projected Chinese corn imports to 20 MMT for the year. The backlog of ethanol stocks was also an excuse to take some money off the table. 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.
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.
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 by 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.
Mar 22 Corn closed at $6.22 1/2, down 12 1/4 cents, down 6 ¾ this morning
Nearby Cash was $6.08 ¾ on Wednesday, down 12 5/8 cents,
May 22 Corn closed at $6.22 1/4, down 11 1/2 cents, down 6 ¾ this morning
Dec 22 Corn closed at $5.73, down 4 3/4 cents, down 5 ¼ this morning
New Crop Cash was $5.55 ½ on Wednesday, down 4 cents,
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