Corn Futures Up 1 to 4 Cents, Set New Life of Contract Highs

Corn futures open the Thursday session with 1 to 4 cent gains. Yesterday corn prices found afternoon strength and rallied 5 1/4 to 9 cents. Buying interest returned, with preliminary open interest rising 16,473 contracts on higher trade. Ahead of the weekly Export Sales report, analysts expect corn bookings to be a record 6-7.8 MMT (with 6.16 MMT already known). With such lofty expectations, there is always the risk of a “buy the rumor, sell the fact” reaction. New crop corn sales are expected to come in between 0 and 500k MT. EIA reported ethanol production averaged 936k barrels per day over the week ending 1/29. Stocks climbed 714,000 barrels to 24.316 million. That’s the largest ethanol stockpile since May of 2020.

--- provided by Brugler Marketing & Management




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