Corn Pulls Back on Wednesday
Front month corn futures are trading 9 1/2 to 10 cents lower. There were no delivery notices against March corn futures overnight, and there are no warehouse receipts currently registered for delivery. March is near $5.50 3/4 for midday, and May is near $5.34 3/4. New crop trading has the board 3 to 4 3/4 cents lower with Sept a 15 1/2 cent premium to Dec.
Ethanol production didn’t fully recover in the week ending 2/26, as EIA data showed 849k barrels were produced per day – midway between 659k LW and 911k before the cold snap. Continued weak production drew ethanol stocks even lower on the week to 22.425m barrels down an additional 360k.
--- provided by Brugler Marketing & Management
