Corn Futures Show Incremental Gains
Front month corn futures painted a positive picture on Thursday, edging slightly lower from the day’s peak but still showing an increase of 1 ½ to 2 cents across the front months. Showing resilience, May corn futures experienced an 8 ¼ cent range, shifting from negative 1 ½ to a positive 4 ¾ cents.
USDA Export Sales Report Reveals Steady Performance
The USDA’s weekly Export Sales report unveiled that 1.19 MMT of corn was secured during the week ending 3/14. This figure, situated at the upper end of the anticipated range, saw an 8% decrease from the previous week. Despite the decline, it outstripped last year’s performance of 3.1 MMT for the same period, with total commitments now surging to 41.7 MMT, a robust 19% leap compared to the previous year.
Ethanol Production Sees Incremental Boost
EIA’s report highlighted that ethanol producers churned out an average of 1.046 million barrels per day by the week concluding on 3/15. This marked a noteworthy 22k bpd uptick compared to the earlier week. In tandem, ethanol stocks also saw a slight increase, with a surplus of 227k barrels totaling at 26 million barrels.
May 24 Corn closed at $4.40 3/4, up 1 3/4 cents,
Nearby Cash was at $4.17 7/8, up 2 3/8 cents,
Jul 24 Corn closed at $4.54, an increase of 1 3/4 cents,
Dec 24 Corn concluded at $4.76 3/4, marking a surge of 2 cents,
Alan Brugler did not hold any positions in the mentioned securities, directly or indirectly, at the time of publication. The information provided here is solely for informational purposes. Kindly refer to the Barchart Disclosure Policy for further details.
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