Corn Bouncing to Kickoff Thursday
The corn market is trading with 1 to 4 cent gain so far on Thursday morning. Corn posted losses across the board on Wednesday, with contracts down 6 to 10 cents at the close. The front months were the leaders. The CmdtyView national average Cash Corn price was down 9 cents at $4.22 1/4.
Prior to this morning’s Export Sales report, traders are looking for 0.75 and 1.4 MMT in old crop corn bookings during the week that ended on 3/6. New crop sales are estimated to total between 0 and 100,000 MT.
Weekly EIA data showed ethanol production cut back by 31,000 barrels per day in the week ending on March 7, with a total of 1.062 million bpd. Stocks of ethanol rose 87,000 barrels to 27.376 million barrels. Stocks in the Midwest expanded to a record 11.537 million barrels. Refiner inputs of ethanol were down 13,000 bpd to 877,000 bpd, as gasoline product supplied (implied use) was the highest since early November at 9.182 million bpd.
Several South Korean importers purchased corn in tenders and private deals overnight, totaling 262,000 MT, with another importer tendering for 140,000 MT. The Rosario Grains exchange cut back its Argentina corn estimate by 1.5 MMT ton 44.5 MT.
Mar 25 Corn closed at $4.48 3/4, down 7 3/4 cents, currently up 1 1/4 cents
Nearby Cash was $4.22 1/4, down 9 cents,
May 25 Corn closed at $4.60 3/4, down 9 1/2 cents, currently up 4 cents
Dec 25 Corn closed at $4.48 1/4, down 6 1/4 cents, currently up 1 cent
New Crop Cash was $4.12 5/8, down 6 3/4 cents,
On the date of publication, Austin Schroeder 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.