Corn Higher Again for Thursday

Trading action in the corn market has prices 3/4 to 3 cents higher, with stronger gains in the March futures. The USDA announced this morning a private export sale of 143,948 MT of corn to Guatemala, with the majority (114,224 MT) for 19/20 MY delivery. USDA also announced a 141,000 MT sale of corn from private exporters to unknown for 19/20 MY delivery. Ethanol stocks from the latest EIA data for the week ending 01/17 were 24.031 million barrels. That was a weekly increase of 1.025 million barrels, despite slower production. Production was listed at 1.049m bpd which was a 46,000 bpd reduction wk/wk. IL river corn basis was at a new high for the period at +7 over March futures. Estimates for Corn bookings in tomorrow’s export sales report have old crop sales at 500-950k MT for the week ending 01/16. Traders also anticipate the delayed report to show new crop sales at 100-200k MT.

Mar 20 Corn is at $3.91 3/4, up 3 cents,

May 20 Corn is at $3.96 1/2, up 2 1/4 cents,

Jul 20 Corn is at $4.01, up 1 3/4 cents,

Sep 20 Corn is at $3.98 3/4, up 3/4 cent,

--- provided by Brugler Marketing & Management




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