Corn Futures Close Red
The midweek corn prices dropped by 3 ¾ to 5 ¾ cents across the front months
Weekly EIA data showed 1.074 million barrels of ethanol were produced daily during the week that ended 12/08. That was a 2k bpd decrease from the week prior. Ethanol stocks increased by 661k barrels to 22.1 million.
Trader estimates ahead of the weekly Export Sales report range from 800k MT to 1.6 MMT for the week that ended 12/07.
Ukraine’s Ag Ministry reported the season’s grain export pace at 14.7 MMT, including 7.4 MMT of corn. Last year saw nearly 20 MMT of grain shipments at this point, with 10.9 MMT of corn.
Brazil’s Anec projects the Dec corn export as 7.14 MMT, a 280k MT increase from their prior forecast.
AgRural in Brazil estimates that first crop corn planting is 95% completed, compared to last year’s historically fast pace at 96%.
Mar 24 Corn closed at $4.79 1/2, down 5 3/4 cents,
Nearby Cash was $4.50 3/4, down 5 5/8 cents,
May 24 Corn closed at $4.92 1/2, down 4 3/4 cents,
Jul 24 Corn closed at $5.01 3/4, down 4 1/4 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.
