The Trade Dance of Corn Futures
As the day unfolds, the corn market engages in a delicate dance, swaying between a slight rise in new contracts and a faint dip in the old ones, having started the session on an upward trajectory.
A Peek into Corn’s Recent Sales
The USDA’s weekly Export Sales report revealed that 1.19 MMT of corn was booked in the week ending on 3/14. While this figure was at the higher end of expectations, it marked an 8% decrease from the previous week and fell short of the 3.1 MMT sold during the same timeframe last year. With total commitments now at 41.7 MMT, a 19% increase from the previous year’s pace is evident.
Insights from Ethanol Producers
According to the EIA, ethanol producers maintained an average of 1.046 million barrels per day for the week concluding on 3/15, signifying a 22k bpd increase. On the other hand, ethanol stocks saw a 227k decrease, totaling 26 million barrels.
May 24 Corn is currently at $4.38 1/2, down 1/2 cent,
Nearby Cash is standing at $4.14 3/8, down 1/8 cent.
Jul 24 Corn is at $4.51 3/4, with a decrease of 1/2 cent.
Dec 24 Corn is holding steady at $4.74 3/4.
Please note that on the publication date, Alan Brugler had no positions related to the securities mentioned herein, either directly or indirectly. All data and information provided in this article are solely for informational purposes. For more details, refer to the Barchart Disclosure Policy.
The opinions and viewpoints expressed by the author are individual and do not necessarily align with those of Nasdaq, Inc.