Midday corn prices are down 4 1/4 to 7 3/4 cents, coming off overnight lows that closed the chart gap left behind following the limit up move on the 12th. Corn futures on the Dalian Grains Exchange closed firm yesterday, at 2,867 yuan/MT (~ $11.26/bu) March and 2,876 yuan/MT (~ $11.29/bu) for May. Carry in China is ~ 3 1/2 cents/bu, compared to 1 1/2 on the CBT. The national average cash corn price from cmdtyView was $5.01/bu. That splits the middle of $5.07 cash corn in the ECB and $4.95 in the WCB. The Trump Administration’s EPA issued 2 small refinery exemptions for 2019 (~150m gallons of ethanol), and 1 for 2018. There are still 30 2019 requests pending and 15 for 2020. AgRural reported that 3.4% of Brazil’s first crop corn is picked. That compares to 2.5% harvested at this time last year. Japan’s Ministry of Agriculture, Forestry and Fisheries reported 48.9% of animal feed was corn in November. Corn was 48.6% of animal feed in November ’19.
| Mar 21 Corn is at $5.21 1/4, down 4 3/4 cents, |
| May 21 Corn is at $5.22 3/4, down 5 1/2 cents, |
| Jul 21 Corn is at $5.18 3/4, down 6 1/4 cents, |
| Sep 21 Corn is at $4.69 1/2, down 8 1/4 cents, |
--- provided by Brugler Marketing & Management
