Corn Morning Update & Commentary: Opening calls are steady to slightly higher
<div class=\"default-font-wrapper\" style=\"line-height: 1;font-size: 12pt; font-family: Verdana, Geneva, sans-serif;\">Corn Morning Update & Commentary:<br><br id=\"isPasted\">The markets are gearing up for a morning ‘hard open’, so there was no night session trade; we are calling corn futures to open steady to slightly higher. There is not of fresh news around; early factors to consider include mixed outside markets (dollar, energy, stocks, all higher) and firmer European grain trade. South American weather also continues to skew perhaps a little positive, eyeing continued dry forecasts for Argentina. Brazil remains in much better shape, but the first crop currently growing typically accounts for only one-third of total corn output. The weekly EIA report is due for release later this morning. We see a mixed report for ethanol; both blender demand and production are expected to flex lower after Christmas; we think production could decline 2-3% and blender demand 5% or more lower wk/wk. Ethanol exports should remain stout. We would look for ethanol inventory to build by about +2%. We think an average Midwest ethanol plant is breaking-even today. Also note that due to Wednesday’s holiday, the weekly export sales report is due tomorrow morning. There were no 8 AM sales today and export news is lacking.<br> <br>Corn futures ended 2024 in favorable fashion, ending Tuesday 4-6 cents higher. Funds are believed net long roughly 180,000 delta-adjusted corn heading into the new year, which is a marked change from where they started 2024. Cash corn trade was easier as recent futures rallies have yielded good farm selling.<br> <br> <br>QT News - Top News<br> <br>-- Due to the New Year Holiday the weekly U.S.D.A. Export Sales Report will be released on Friday, January 3, 2024.<br> <br> <br> <br>-- Argentina oilseed crusher industry group on Thursday estimated the country's agriculture export sector brought in $1.97 billion in December 2024, that's up +58% over the year earlier month. They also noted full year revenues in 2024 rose +27% from 2023.<br> <br>-- CME Group agricultural and interest rates markets will close at 12:15 p.m. CT on Thursday, January 9 in observance of former President Carter's funeral. All products trading on CME Globex will reopen at their regularly scheduled time on January 9 for a trade date of January 10.<br> <br>-- Media reports Thursday indicated Tyson Foods is planning to restart their Camilla, Georgia meatpacking plant in phases after a fire due to boiler explosion last week.<br> <br> <br> <br>Pending Tenders<br> <br>NA<br> <br> <br> <br>-- Euronext Paris March corn futures on Thursday are trading +2.75 euros higher at 212.50 euros/mt<br> <br>-- Dalian May corn futures on Thursday traded +4 yuan higher ending at 2,234 yuan/mt<br><br>KJ</div>