Corn price action is up 1 to 2 cents early on Thursday. Futures posted 2 to 3 ½ cent gains across most contracts on Wednesday. Open interest was down 14,323 contracts, mainly in the March, dropping 34,798 contracts ahead of FND. The CmdtyView national average Cash Corn price was up 3 cents to $3.98. With just 2 days left for price discovery for the spring base price for Crop Insurance, December corn has averaged $4.61 this month. That would be down 98 cents from last year.
EIA data from Wednesday morning showed a total of 1.113 million barrels per day of ethanol produced in the week of 2/20, down just 5,000 bpd from the week prior. Ethanol stocks were up 58,000 barrels to 25.646 million barrels. Ethanol stocks slipped 36,000 bpd to 141,000 bpd, as refiner inputs were steady at 866,000 bpd.
Export Sales data for the week of 2/19 will be released this morning, with traders looking for 0.9-1.8 MMT of old crop corn sold.
A South Korean importer purchased a total of 135,000 MT of corn in a tender. Turkey also purchased 350,000 MT of wheat in ta tender overnight.
Mar 26 Corn closed at $4.30 1/2, up 2 3/4 cents, currently up 2 cents
Nearby Cash was $3.98, up 3 cents,
May 26 Corn closed at $4.42, up 3 1/2 cents, currently up 2 cents
Jul 26 Corn closed at $4.50 1/4, up 2 3/4 cents, currently up 1 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.
