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Tuesday corn trading is starting out near the overnight lows following a mostly one directional move to 4-8 cent losses. Preliminary OI data showed yesterday’s action was net new buying with 11k new futures opened across the board – including 4.9k fewer Mays. Total net options increased 12k contracts with 14k new puts in place and 2k fewer open calls. May corn futures ended the day near the lows on a 2 3/4 cent loss. The contract was up by as much as 8 1/2 cents earlier in the day. The other nearby futures were mostly a penny higher at the bell, though were under their own highs for the session.
NASS reported the national corn planting progress at 2% complete after the close for the season’s first national Crop Progress report. TX was 57% planted, with KS, KY, NC, and TN also reported progress
Safras and Mercado estimates the Brazilian 2nd corn crop at 92.2 MMT, from their 87.7 MMT prior estimate. That would put the total 2023 corn output at 130.3 from 125.3 MMT.
The monthly Grain Crushing report showed 399.844 mbu of corn was used for ethanol in February. That was down 9.3% from January and was 1.5% lower than Feb ’22. Trade ideas had been 404-406 mbu. The season YTD total use reached 2.549 bbu, which is 5.2% behind last year’s pace and 48.5% of the full year forecast with 50% of the year completed.
Weekly Export Inspections data had 42.2 mbu of corn exports for the week that ended 3/30. That was up 60% for the week, but 29% below the same week last year. Total corn shipments for the season reached 762.5 mbu as of 3/30, 37% behind last year’s’ pace.
May 23 Corn closed at $6.57 3/4, down 2 3/4 cents, currently down 7 1/4 cents
Nearby Cash was $6.63 3/4, down 3 1/4 cents,
Jul 23 Corn closed at $6.37, up 1 cent, currently down 7 3/4 cents
Dec 23 Corn closed at $5.67 1/2, up 1 cent, currently down 4 3/4 cents
On the date of publication, Alan Brugler 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. For more information please view the Barchart Disclosure Policy here.