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Corn Market Steady to 2 Lower This Morning

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Overnight action in the corn futures market left prices steady to 2 cents lower ahead of the weekly Export Sales report. On Wednesday futures finished 1 1/2 to 2 cents higher, with lower than expected ethanol stocks. Short covering continues, with final open interest dropping 15,369 contracts on Tuesday. Traders are expecting USDA’s Export Sales report to show 900,000 to 1.8 MMT of corn bookings, with an additional 0 – 100k MT of new crop sales. EIA data from the week ending 03/20 showed ethanol production averaged 1.05 million bpd. In the last 3 weeks, production has dropped off 74,000 barrels per day. Ethanol stocks dropped to 24.14 million barrels, the lowest since January. Midwest and East Coast stocks are high, limiting storage availability. Traders (Bloomberg survey) estimate the USDA’s March 31st planting intentions report will show 94.1 million acres of corn. If realized that would be 5% higher than 2019, with fewer assumed Prevented Planting acres.

--- provided by Brugler Marketing & Management

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