The corn market closed mixed as Dec continues to lose open interest for deliveries. The more active contracts recovered a nickel from their lows and closed with 2 to 2 ½ cent gains. The March contract’s $4.70 low for the day was a new contract low.
Trade estimates ahead of the weekly Export Sales report range from 600k to 1.2m MT for the week ended 11/23. New forward crop sales are expected to be below 50k MT.
The weekly EIA data showed that the average daily production of ethanol was 1.011 million barrels. That was down 12k bpd from last week. Ethanol stocks were 273k barrels tighter at 21,379m barrels.
Estimates ahead of the StatsCan report show the business looking for corn production between 14.8 MMT and 15.1 MMT with 15.0 as the average business guess. Last year’s corn production was 14.93 MMT, and USDA is currently using 15.3 MMT for Canada’s corn crop.
Dec 23 Corn closed at $4.49 3/4, down 1 3/4 cents,
Close Cash was $4.25 3/4, down 2 5/8 cents,
Mar 24 Corn closed at $4.75 3/4, up 2 1/4 cents,
24 May Corn closed at $4.88 1/2, up 2 1/2 cents,
As of 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 for informational purposes only. For more information, please see Barchart’s Disclosure Policy here.
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