Midday Corn Fading into Year’s End

Corn futures are down a penny to 3 cents so far for Friday’s action

The weekly corn export sale was 1.242 MMT during the week that ended 12/21. That was more than the top end of estimates and was a 23% increase for the week. USDA reported that Mexico was the top buyer for the week with over 500k MT. Total commitments for the season were listed as 29.4 MMT compared to 21.42 MMT last year. 

The weekly EIA data showed producers averaged 1.107 million barrels of ethanol output daily during the week that ended 12/22. That was a 36k bpd increase for the week, and nearly a new record output trailing only the 1.108 million bpd record from Dec 1 ’17. Ethanol stocks increased 611k barrels for the week to 23.517 million – a 35-wk high.

Brazil’s ANEC projects corn exports at 6.96 MMT for the month of December. That is down from the 7.17 MMT prior estimate, with the month ending on Sunday. 

Mar 24 Corn closed at $4.71 1/4, down 3 cents,
Nearby Cash was $4.44 3/8, down 2 7/8 cents,
May 24 Corn closed at $4.84, down 2 1/2 cents,
Jul 24 Corn closed at $4.94 1/4, down 1 3/4 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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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