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Friday, March 24, 2023 1:41:42 PM
Corn Bouncing Through Friday
By: Barchart | March 24, 2023
Corn is currently trading near the day session’s highs with 5 to 9 1/4 cent gains. That has May contracts in the black for the week.
The weekly Ethanol report from USDA had the week’s average prices ranging from $2.03 - $2.15/gl in NE to $2.18 - $2.24/gal in IL, which was mostly 3 to 9 cents higher for the week. DDGS were quoted from $235-245 in MI to $280-300/ton in MO for the week leaving regional prices mostly higher from -$10 to +$17/ton. Corn oil prices were mostly weaker though the week with 1-8 cent regional losses to 49 – 58 cents/gal quotes.
A Farm Futures survey shows corn area will lose 1.1% for the year with a 87.68m acre area.
USDA confirmed another large export sale to China, with 204k MT of old crop sold in a daily announcement. Algeria is tendering for 70k MT of corn – likely to be sourced from South America.
The weekly Export Sales recap had 3.096 MMT of old crop corn bookings for the week that ended 3/16. That was a 156% increase for the week, triple the same week last year, and a marketing year high. However, most of it was the known Chinese business. Analysts had expected sales to range 1.7 MMT to 3.4 MMT. USDA reported China with 2.245 MMT of the total and Japan with 683k MT for the week. New crop sales were 93k MT, mostly to Mexico, and set the forward book at 1.9452 MMT. Old crop commitments were up to 34.94 MMT (1.376 bbu), or 74.4% of the USDA full year forecast.
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By: Barchart | March 24, 2023
Corn is currently trading near the day session’s highs with 5 to 9 1/4 cent gains. That has May contracts in the black for the week.
The weekly Ethanol report from USDA had the week’s average prices ranging from $2.03 - $2.15/gl in NE to $2.18 - $2.24/gal in IL, which was mostly 3 to 9 cents higher for the week. DDGS were quoted from $235-245 in MI to $280-300/ton in MO for the week leaving regional prices mostly higher from -$10 to +$17/ton. Corn oil prices were mostly weaker though the week with 1-8 cent regional losses to 49 – 58 cents/gal quotes.
A Farm Futures survey shows corn area will lose 1.1% for the year with a 87.68m acre area.
USDA confirmed another large export sale to China, with 204k MT of old crop sold in a daily announcement. Algeria is tendering for 70k MT of corn – likely to be sourced from South America.
The weekly Export Sales recap had 3.096 MMT of old crop corn bookings for the week that ended 3/16. That was a 156% increase for the week, triple the same week last year, and a marketing year high. However, most of it was the known Chinese business. Analysts had expected sales to range 1.7 MMT to 3.4 MMT. USDA reported China with 2.245 MMT of the total and Japan with 683k MT for the week. New crop sales were 93k MT, mostly to Mexico, and set the forward book at 1.9452 MMT. Old crop commitments were up to 34.94 MMT (1.376 bbu), or 74.4% of the USDA full year forecast.
Read Full Story »»»
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