Thursday Gains for Corn Market
The corn futures market spent most of the Thursday session in the black for the 4 ¾ cent range. Futures were 2 to 2 ¾ cent higher on the day.
The weekly Export Sales report showed 1.013 MMT of corn was booked during the week that ended 12/14. That was within the range of estimates going into the report, and was the 7th consecutive 1+ MMT week. Mexico and Japan were the top buyers for the week, each with over 300k MT. Total commitments reached 28.2 MMT (1.12 bbu), which is 37% ahead of last year’s pace. USDA’s S&D forecast has a 26.4% yr/yr growth in exports currently dialed in.
Analyst estimates for the weekly Export Sales report this morning range 800k MT to 1.5 MMT for corn bookings during the week of 12/14. New crop sales are expected to be below 25k MT for the week.
The weekly EIA report showed producers averaged 1.071 million barrels of ethanol output daily during the week that ended 12/15. That was a 3k bpd decrease from the week prior’s level. Ethanol stocks were shown at 22.9m barrels, up 806k from last week. That marked two consecutive weeks with declining production and increasing stocks.
Mar 24 Corn closed at $4.72 1/2, up 2 3/4 cents,
Nearby Cash was $4.45 7/8, up 2 7/8 cents,
May 24 Corn closed at $4.85 1/4, up 2 3/4 cents,
Jul 24 Corn closed at $4.95, up 2 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.
