Corn Gains into the Weekend
Front month corn prices ended the Friday session fractionally to 1 ½ cents higher. That left March at a net 1 ½ cent loss for the week’s move after printing new contract lows.
Trade estimates ahead of the weekly Export Sales report are to see between 500k MT and 1.2 MMT of old crop corn booked for the week that ended 1/11. New crop corn sales are estimated to be below 100k MT. This morning, USDA confirmed that post holiday Export Sales had returned to a more typical level, with 1.251 MMT sold in the week ending January 11, at the top end of trade estimates. Mexico and Colombia were the biggest buyers. New crop sales totaled 20,000 MT.
Weekly EIA data showed production dropped off by 8k barrels per day to 1.054 million during the week that ended 1/12. That was still the 17th consecutive +1m bpd week. Ethanol stocks built up by 1.324 million barrels to 25.695 million. That is the largest stockpile since March.
Mar 24 Corn closed at $4.45 1/2, up 1 1/2 cents,
Nearby Cash was $4.22 1/1, up 2 cents,
May 24 Corn closed at $4.56, up 1 cent,
Jul 24 Corn closed at $4.64 1/4, up 3/4 cent,
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.
