Corn Fading into Weekend

Corn futures are down by 1 ¼ to 2 ½ cents through Friday’s midday. The old crop contracts remain more than 2c in the black for the week’s move after hitting a 5-wk high yesterday. 

USDA’s National Weekly Ethanol report showed ethanol prices were mostly UNCH this week from $1.36 to $1.50/gal regionally. The cash DDGS market ranged from $170 to $210/ton this week, mostly ~$5/ton higher. Corn oil was mostly within 3c of last week from 40 to 45 cents/lb regionally. 

USDA’s weekly Export Sales report had 1.19 MMT of corn was booked during the week that ended 3/14. That was at the high end of the expected range but was down 8% for the week and was under the 3.1 MMT sold during the same week last year. Total commitments were up to 41.7 MMT, which is 19% ahead of last year’s pace. 

BAGE reported Argentina’s corn harvest was 3.7% completed as of 3/21. They lowered their output forecast by 2.5 MMT. 

May 24 Corn  is at $4.38 1/4, down 2 1/2 cents,

Nearby Cash is at $4.14 1/2, down 2 3/8 cents,

Jul 24 Corn  is at $4.51 1/4, down 2 3/4 cents,

Dec 24 Corn  is at $4.73 3/4, down 3 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.