High Ethanol Demand But Lower Corn Prices

Corn is 4 3/4 to 5 1/4 cents lower after Wednesday’s trading. In the EIA’s newest update, corn demand was again bullish, with decreases in ethanol stocks and increases in production. Production was higher wk/wk for the 10th week in a row at 1.059 million barrels per day in the week ending 11/22. Ethanol stocks at the end of that week 20.077 million barrels, which was a 237,000 barrel reduction wk/wk, for the 4th consecutive weekly drop. For 7 of the last 10 weeks stocks have decreased, for a 10-week total reduction of 2.223 million barrels. The report also revealed 36,000 barrels of imports to the west coast. The West Coast’s ethanol stocks were shown at 2.827 m bls, after a 203,000 decrease wk/wk. the Midwest saw a 111,000 barrel drop over last week to bring stocks to 6.699 m bls. East Coast stocks were 6.426 m bls. South Korea tendered for corn, purchasing up to 69,000 MT at $208.38 /T optional origin and will have Mar 2020 delivery.

DEC 19 Corn closed at $3.62 3/4, down 4 3/4 cents,

MAR 19 Corn closed at $3.73 1/4, down 5 cents,

MAY 20 Corn closed at $3.79, down 5 1/4 cents

JUL 20 Corn closed at $3.84 1/4, down 5 1/4 cents

--provided by Brugler Marketing & Management




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