Corn Extends Multi-Year Lows
Corn futures closed with losses of 4 to 6 ½ cents across the board on Wednesday. Nearby March closed at the lowest price for a front month continuation chart since December 2020.
EIA’s weekly report showed ethanol output increased by 50k barrels per day to 1.083 million for the week that ended 2/9. Ethanol stocks were 1.03 million looser to 25.81 million barrels.
Ahead of USDA’s annual Ag Outlook Forum, the trade is looking for the OCE to project 2024 US corn acreage at 91.6 million acres. The data is scheduled for release at 7:00 AM EST tomorrow.
Pre-report estimates have corn bookings between 800k MT and 1.5 MMT for the week that ended 2/8.
Michael Cordonnier cut his projection for Brazilian corn production another 3 MMT, and trimmed Argentina from 56 MMT to 54 MMT.
Mar 24 Corn closed at $4.24 1/4, down 6 1/2 cents,
May 24 Corn closed at $4.37 1/4, down 6 cents,
Jul 24 Corn closed at $4.47 1/4, down 5 1/4 cents,
Dec 24 Corn closed at $4.64 1/4, down 5 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.
