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Thursday, February 16, 2023 1:22:44 PM
Corn Market Still In Red At Midday
By: Barchart | February 16, 2023
The market tried to erase the overnight weakness, but futures eventually found themselves back in the red. Current corn quotes are fractionally to 1 3/4 cents lower for midday.
USDA Weekly Export Sales data showed 1.024 MMT of old crop and 100k MT of new crop corn was sold during the week that ended 2/9. For old crop bookings, that was a slip from 1.16 MMT last week, but marked the 4th of the last 6 weeks for +1 MMT sold. Mexico was the week’s top buyer, followed by sales to unknown destinations and to China. The weekly report had cumulative commitments at 1.095 bbu, compared to 1.832 bbu last season, and to the 1.925 bbu full year export forecast.
The FAS also showed 112,984 MT of sorghum was sold during the week for a cumulative 897k MT commitment through 2/9.
EIA data showed ethanol producers averaged 1.014m barrels per day through the week that ended 2/10. That was a 14k bale increase from the prior week. The production increase was expected, but the growth in ethanol stocks was not. Ethanol stocks were up from 24.4m to 25.339 million barrels.
Read Full Story »»»
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By: Barchart | February 16, 2023
The market tried to erase the overnight weakness, but futures eventually found themselves back in the red. Current corn quotes are fractionally to 1 3/4 cents lower for midday.
USDA Weekly Export Sales data showed 1.024 MMT of old crop and 100k MT of new crop corn was sold during the week that ended 2/9. For old crop bookings, that was a slip from 1.16 MMT last week, but marked the 4th of the last 6 weeks for +1 MMT sold. Mexico was the week’s top buyer, followed by sales to unknown destinations and to China. The weekly report had cumulative commitments at 1.095 bbu, compared to 1.832 bbu last season, and to the 1.925 bbu full year export forecast.
The FAS also showed 112,984 MT of sorghum was sold during the week for a cumulative 897k MT commitment through 2/9.
EIA data showed ethanol producers averaged 1.014m barrels per day through the week that ended 2/10. That was a 14k bale increase from the prior week. The production increase was expected, but the growth in ethanol stocks was not. Ethanol stocks were up from 24.4m to 25.339 million barrels.
Read Full Story »»»
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