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Corn Firming into ThursdayCorn prices are firming back up by 1 to 2 cents so far on Thursday. Corn ended the Wednesday session with 4 ¾ to 8 ¼ cent losses which pushed the board to new lows for the move and/or new contract lows. March finished at $4.11 per bushel which is now 46 ¼ cents under the Dec contract. Open interest on net increased by 5.4k contracts, though most of the action was rolling from March to May contracts – down by 28k and up by 29.5k contracts respectively. Options net increased by 24k contracts with 15k new calls and 9k new puts added. EIA will update the ethanol output data, with Export Sales delayed until Friday. While trade talk is negative about pending EPA revisions to the carbon intensity scoring model that are expected in early March, bulls noted that EPA head Regan was scheduled to appear with Ag Sec Vilsack at the Commodity Classic on March 1, stirring hopes of a positive announcement. Brazil’s Anec expects Feb corn shipments to total 716,718 MT, compared to 1.9 MMT last year.
Mar 24 Corn closed at $4.11, down 7 3/4 cents, currently up 1 3/4 cents Nearby Cash was $3.92 1/4, down 7 1/2 cents, May 24 Corn closed at $4.24 1/4, down 8 1/4 cents, currently up 1 1/4 cents Jul 24 Corn closed at $4.35 3/4, down 7 1/2 cents, currently up 1 cent On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here. |
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