Corn Market News and Commentary

Corn futures are currently 1/4 to 1 3/4 lower after ending 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 a bearish 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 MT (smallest since Feb 2018). The full year DDG exports were the largest since 2015, and the 2018 ethanol exports were record large. 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 export bookings for the week of 2/28, with new crop at 100,000-300,000.

--provided by Brugler Marketing & Management

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