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

Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353

Did you know Brugler Marketing & Management has more to offer to you than just this free daily commentary?! Producers just like you rely on our custom research and daily guidance on when and how to market their commodities. Click here to learn more about what we have to offer, or call 402-697-3623. Do it today!

Do you want to know what trades Alan Brugler recommends? Subscribe to Ag Market Professional, and become part of the Brugler client group! Not sure? Ask for a FREE SAMPLE and get two FREE GIFTS! Start here

Want this Ag News delivered to your inbox? Get the FREE Brugler Ag Newsletter, delivered 3 times daily.