Corn futures traded from -¾ to +1 cent overnight, and are back to mostly UNCH +/- ¼ this morning for the weekly Export Sales report. The USDA Grain Stocks and Planting Intentions reports scheduled for 11 AM CDT.  Nearby corn prices closed 5 ¾ cents lower on Wednesday, leaving the board 12 cents in the red for the week’s move. Open interest dropped  a little on Wednesday, down 828 contracts on likely long liquidation. 

Traders are looking for USDA’s FAS to report between 800k MT and 1.3 MMT of old crop corn was sold for export during the week that ended 3/21. New crop bookings are estimated to be below 150k MT for the week. 

South Korea is on the market for corn, with NOFI tendering for 134k MT and FLC booking 65k MT without issuing a tender on Tuesday. MFG reportedly booked 70k MT of feed corn.

Estimates ahead of this morning’s reports average 8.445 billion bushels. That would be 1.05 bbu more than the same time last year after beginning Q2 with a 1.35 bbu larger supply. The full range of estimates is to see between 8.13 bbu and 8.8 bbu. 

Corn planting intentions are estimated between 90m acres and 93.8m acres with 91.8 million as the average. That would be 800k more than the February Outlook Forum and would be down from 94.6m planted in 2023. 

EIA reported ethanol output averaged 1.054 million barrels per day during the week that ended 3/22. That was up from 1.046 million bpd the week prior and was a 3-wk high. Ethanol stocks increased by 97k barrels over the week to 26.09 million barrels, the most since March 2023. 

May 24 Corn  closed at $4.26 3/4, down 5 3/4 cents, currently UNCH

Nearby Cash   was $4.04 3/8, down 5 1/2 cents,

Jul 24 Corn  closed at $4.39 1/4, down 5 3/4 cents, currently up 1/4 cent

Dec 24 Corn  closed at $4.62 1/4, down 5 3/4 cents, currently UNCH