Corn futures are falling by 3 to 3 ¾ cents through Wednesday’s midday. May was down by 5 cents earlier in the day. Open interest continues to rise ahead of Thursday’s reports, up 2,573 contracts on Tuesday’s lower market.
EIA reported ethanol output averaged 1.054 million barrels per day during the week that ended 3/22. That was up from 1.046 million bpd the week prior and was a 3-wk high. Ethanol stocks increased by 97k barrels over the week to 26.09 million barrels.
Traders are looking for USDA’s FAS to report between 800k MT and 1.3 MMT of old crop corn was sold for export during the week that ended 3/21. New crop bookings are estimated to be below 150k MT for the week.
South Korea is on the market for corn, with NOFI tendering for 134k MT and FLC booking 65k MT without issuing a tender on Tuesday. MFG reportedly booked 70k MT of feed corn.
Safras and Mercado reported Brazil’s corn planting as 97.3% for 2nd crop as of 3/22. That compares to 94.7% at the same time last year.
Corn planting in TX reached 46% finished as of 3/24 which was up 12% points for the week and is now 3% points ahead of average. TX milo was 37% planted as of 3/24, which is 1% point ahead of average.
US corn export inspections YTD have reached 24.4 MMT compared to 18.3 MMT for last year.
May 24 Corn is at $4.29, down 3 1/2 cents,
Nearby Cash is at $4.07 1/2, down 3 3/8 cents,
Jul 24 Corn is at $4.41 1/2, down 3 1/2 cents,
Dec 24 Corn is at $4.64 1/4, down 3 3/4 cents,
On the date of publication, Alan Brugler 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.