Corn is slipping back lower to start Friday trade, down fractionally to a penny. Futures came out of the Christmas holiday break with contracts up 2 ¾ to 6 ½ cents and hitting the highest prices since June. Preliminary open interest was up 8,229 contracts, showing net new buying. The national average Cash Corn price from cmdtyView was up 5 cents at $4.24 1/4.
Weekly EIA data has been pushed back to a Friday morning release, with most expecting to see ethanol production hold steady after creeping back above 1.1 million bpd last week. Export Sales data will be out this morning as well, with the trade looking for a total of 1 to 1.6 MMT in 2024/25 bookings for the week that ended on December 19. Another 0-50,000 MT is expected for 2025/26.
Brazilian corn exports are expected to total 4.1 MMT for December, according to ANEC, which is unchanged from their precious estimate.
Mar 25 Corn closed at $4.53 3/4, up 5 1/4 cents, currently down 1 cent
Nearby Cash was $4.24 1/4, up 5 cents,
May 25 Corn closed at $4.60 1/2, up 5 1/2 cents, currently down 3/4 cent
Jul 25 Corn closed at $4.63 3/4, up 6 1/2 cents, currently down 1/2 cent
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