Corn Closes 1% Higher
The Thursday session ended with corn futures 4 to 7 cents higher and a 2.7% gain in the Dec contract. March corn futures saw nearly a 10c range with nearly all of it in the black.
The weekly Export Sales data had 1.928 MMT of corn booked during the week that ended 11/23. That was above estimates and a new MY high. Unknown was the top buyer with 730k MT followed by Mexico with 300k MT. The season’s total commitments were up to 963 mbu compared to 722 mbu at the same time last year.
The weekly EIA data on Wednesday showed the average daily ethanol production was 1.011 million barrels. That was down 12k bpd from last week. Ethanol stocks were 273k barrels tighter at 21.379m barrels.
Dec 23 Corn closed at $4.61 3/4, up 12 cents,
Nearby Cash was $4.41, up 16 1/4 cents,
Mar 24 Corn closed at $4.82 3/4, up 7 cents,
May 24 Corn closed at $4.95, up 6 1/2 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.
