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Thursday, March 16, 2023 11:14:46 AM
The Corn & Ethanol Report
By: Daniel Flynn | March 16, 2023
We kickoff the day with Export Sales, Housing Starts, Housing Starts MoM, Import Prices MoM & YoY, Philadelphia Fed Manufacturing Index, Philly Fed Business Conditions, Philly Fed CAPEX Index, Philly Fed Employment, Philly Fed New Orders, Philly Fed Prices Paid, Jobless Claims 4-Week Average, Export Prices YoY and Continuing Jobless Claims at 7:30 A.M., EIA Natural Gas Storage at 9:30 A.M., and 4-Week & 8-Week Bill Auction at 10:30 A.M.
On the Corn Front old crop prices rallied 3 to 6 cents as the USDA announced the sale of 667k tons (26 mil. Bu.) of old crop corn to China making a 50 mil. Bu. total in two days. Peter Charalambous and Robinson Perez with ABC News report that a derailed train in Arizona last night was feared to be carrying hazardous materials was actually corn syrup. The area of the train derailment was previously under a tornado warning. Eight freight rail tankers derailed near Topock, Arizona, last night according to BNSF Railway. Despite initial reports from the Mojave County Sheriff’s office that the train was carrying hazardous materials, BNSF confirmed the train was actually carrying corn syrup. According to BNSF, “there were no injuries as a result of the derailment and preliminary reports indicate there were no hazardous materials involved.” We will keep you posted if other headlines develop. In the overnight electronic session the May corn is currently trading at 613 ½ which is 1 ¼ of a cent lower. The trading range has been 613 1,2 to 610 ¾.
On the Ethanol Front production last week increased to 1,014 thousand barrels per day, up from 1,010 the previous week. There was 102 mil. Bu. of corn used in the production process, slightly below the pace
Needed to reach the USDA corn usage forecast. Ethanol inventories surged to 26.4 thousand barrels, the highest level in nearly 1 year. Gasoline demand last week was down 4% from a year ago, with the 4-Week Average unchanged. There were no trades or open interest in ethanol futures.
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DiscoverGold
By: Daniel Flynn | March 16, 2023
We kickoff the day with Export Sales, Housing Starts, Housing Starts MoM, Import Prices MoM & YoY, Philadelphia Fed Manufacturing Index, Philly Fed Business Conditions, Philly Fed CAPEX Index, Philly Fed Employment, Philly Fed New Orders, Philly Fed Prices Paid, Jobless Claims 4-Week Average, Export Prices YoY and Continuing Jobless Claims at 7:30 A.M., EIA Natural Gas Storage at 9:30 A.M., and 4-Week & 8-Week Bill Auction at 10:30 A.M.
On the Corn Front old crop prices rallied 3 to 6 cents as the USDA announced the sale of 667k tons (26 mil. Bu.) of old crop corn to China making a 50 mil. Bu. total in two days. Peter Charalambous and Robinson Perez with ABC News report that a derailed train in Arizona last night was feared to be carrying hazardous materials was actually corn syrup. The area of the train derailment was previously under a tornado warning. Eight freight rail tankers derailed near Topock, Arizona, last night according to BNSF Railway. Despite initial reports from the Mojave County Sheriff’s office that the train was carrying hazardous materials, BNSF confirmed the train was actually carrying corn syrup. According to BNSF, “there were no injuries as a result of the derailment and preliminary reports indicate there were no hazardous materials involved.” We will keep you posted if other headlines develop. In the overnight electronic session the May corn is currently trading at 613 ½ which is 1 ¼ of a cent lower. The trading range has been 613 1,2 to 610 ¾.
On the Ethanol Front production last week increased to 1,014 thousand barrels per day, up from 1,010 the previous week. There was 102 mil. Bu. of corn used in the production process, slightly below the pace
Needed to reach the USDA corn usage forecast. Ethanol inventories surged to 26.4 thousand barrels, the highest level in nearly 1 year. Gasoline demand last week was down 4% from a year ago, with the 4-Week Average unchanged. There were no trades or open interest in ethanol futures.
Read Full Story »»»
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