Corn Market News and Commentary

Corn futures ended Wednesday with most contracts 2 to 3 1/2 cents lower. The weekly EIA report indicated ethanol production down 4,000 barrels per day at 1.024 bpd for the week of 3/1. Ethanol stocks were seen at 24.261 million, up 552,000 barrels wk/wk and the second largest on record. Delayed Census trade data from December showed exports of 4.345 MMT (171.06 mbu) of corn in that month. That was down 14.88% from November but 22.1% larger than last year. Exports this MY (through Dec) were 803 mbu and up 64.5% from last year. Ethanol exports totaled 139.78 mgal, with DDGs at 890,491 MMT. Mexico is contemplating implementing new tariffs on US corn and poultry imports, because the US tariffs on Mexican steel are still in place. Trade estimates range from 0.7-1.1 MMT in old crop corn bookings for the week of 2/28, with new crop at 100,000-300,000.

Mar 19 Corn closed at $3.62 1/2, down 3 1/2 cents,

May 19 Corn closed at $3.72 1/2, down 3 1/4 cents,

Jul 19 Corn closed at $3.81, down 3 1/2 cents

Sep 19 Corn closed at $3.87 1/2, down 2 3/4 cents

--provided by Brugler Marketing & Management

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