Corn Gains on Thursday

Corn rallied on demand ideas. Basis has been firming, and there were some export sales reported. March contracts were up the most having gained a nickel. The national average corn basis from cmdyView was -0.1359, at the firmest level since November 29th. 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, and over the last three weeks stocks have risen 2.997 million barrels, almost 1 million a week. Rocky Mountain and West Coast were lower wk/wk, but the other regions were higher. Production averaged 1.049m bpd which was a 46,000 bpd reduction wk/wk. 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 closed at $3.93 3/4, up 5 cents,

May 20 Corn closed at $3.98 1/2, up 4 1/4 cents,

Jul 20 Corn closed at $4.03 1/4, up 4 cents,

Sep 20 Corn closed at $4.00 3/4, up 2 3/4 cents,

--- provided by Brugler Marketing & Management

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