Corn Closes with Double Digit Losses

Corn futures reversed direction this week and Wednesday trading added 10 1/4 to 14 1/2 cents to the downside. For Dec, the double digit losses on Wednesday left futures 4.2% below Monday’s open. Increasing coronavirus cases are starting to cause concern about an economic slowdown, potentially hurting fuel use and ethanol. Ethanol futures were 0.20% lower at midday $1.54/gal. EIA data showed 941,000 barrels of ethanol produced per day on the week ending 10/23. That was 28k bpd above the previous week’s production. Ethanol stocks were also reported at 19.601 million barrels, which was a further 120k barrel drop wk/wk. Spot DDG prices were listed from $145 (W. IA) to $210/ton (KS) from the week ending 10/23. Analysts anticipate corn bookings in tomorrow’s Export Sales update to be between 0.7-1.5 MMT. USDA reported the 207,000 MT optional origin corn purchase from South Korea included U.S. as an origin.

Dec 20 Corn closed at $4.01 1/2, down 14 1/2 cents,

Mar 21 Corn closed at $4.04 1/4, down 12 1/4 cents,

May 21 Corn closed at $4.05 1/4, down 11 3/4 cents,

Jul 21 Corn closed at $4.05 3/4, down 11 1/2 cents,

--- provided by Brugler Marketing & Management




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