Corn price action us showing steady trade on Tuesday, with contracts within ½ cent of unchanged. Futures posted 7 to 8 cent losses on Monday, after seeing strength around last week holiday on thin trade. Preliminary open interest suggested new selling interest, up 11,894 contracts on the price drop. The CmdtyView national average Cash Corn price was down 6 ¾ cents at $3.99 ¾.
Export Inspections data showed corn shipments at 1.301 MMT (51.2 mbu) shipped in the week that ended on Christmas day. That was a drop of 25.53% from the week prior, which is normal due to the holiday, but and up 43.37% from same week last year. Mexico was the top destination of 400,140 MT, with 221,240 MT to Colombia and 219,137 MT to Japan. Marketing year shipments have totaled 25.57 MMT (1.006 bbu), a 66.17% hike yr/yr and the first time on record shipping more than 1 bbu before year end (starting September 1).
EIA data released Monday afternoon showed ethanol production slipping 36,000 barrels to 1.095 million barrels per day in week ending 12/19. Ethanol stocks were up 175,000 barrels on that week to 22.528 million barrels. Exports were up 28,000 bpd to 219,000 bpd, with refiner inputs of ethanol up 6,000 bpd to 912,000 bpd.
Mar 26 Corn closed at $4.42 1/4, down 7 3/4 cents, currently up 1/2 cent
Nearby Cash was $3.99 3/4, down 6 3/4 cents,
May 26 Corn closed at $4.50 3/4, down 7 1/2 cents, currently unch
Jul 26 Corn closed at $4.57, down 7 1/4 cents, currently unch
On the date of publication, Austin Schroeder 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. This article was originally published on Barchart.com
