Corn Morning Update & Commentary: Noon close today in honor of ex-President Carter
<div class=\"default-font-wrapper\" style=\"line-height: 1;font-size: 12pt; font-family: Verdana, Geneva, sans-serif;\"><div style=\"line-height: 1;\"><span style=\"font-size: 12pt; font-family: Verdana, Geneva, sans-serif;\">Corn Morning Update & Commentary:<br><br id=\"isPasted\">Overnight, corn futures were quietly mixed, finishing that way by the morning pause. It is an odd ‘hurry up and wait’ kind of day, made even more odd by an early noon close (in honor of ex-President Jimmy Carter). The focus is expected to remain on positioning for tomorrow’s USDA report. At this point, the report feels quiet ‘dialed-in’, but given the plethora of variables, a curve-ball is almost guaranteed somewhere. The weekly export sales report has been delayed a day, too. There is not a lot of news around, other than light Korean corn purchases (FLC was in for a cargo overnight). There were no 8 AM sales today (perhaps due to gov’t closure?), and the big macro is relatively quiet (dollar flat for the day and week).<br> <br>Mixed trade in the corn futures today. The market ultimately resolved lower, setting down 2-4 cents up-front and around one cent lower in later-dated (new crop) positions. Managed Money funds are believed net long roughly 225,000 delta-adjusted corn contracts. Cash trade was easier on the interior, while Gulf bids were steady/better. The weekly EIA found U.S. ethanol production slipped less than -1% wk/wk to a 1.102 mil bbl/day rate; we were expecting a slightly larger pullback. Over a marketing year, such a rate of production would utilize over 5.70 billion bushels of corn. Blender demand extended the prior week’s post-Christmas plunge, falling another -9%, and has declined over -15% in two weeks. Exports helped make up some of the difference, rising to 155k bbl/day vs. 99k last week (and on par with 157k last year). Ethanol stocks built by 2.15%, which was less of a build than we expected, to 24.148 million barrels (1.014 billion gallons). Despite a ‘less bearish than feared’ report, ethanol futures sold off some; we think an average Midwest ethanol plant is losing 5 c/gal, net of all costs. Weekly USDA reporting found broiler egg sets up +4% yr/yr with chicks placed up +2%. <br> <br> <br>QT News - Top News<br> <br>**USDA's FAS weekly Export Sales data for the period ending January 2nd will be delayed by one day until Friday, Jan 10th due to the funeral in Washington DC for former President Carter<br> <br> <br> <br>-- Grain trade sources Thursday indicated Algeria's state grain buyer did not make any purchase in their 240,000 mt Corn tender that closed on Tuesday this week. However, traders say minimally sized purchases could have been made, but no significant volume was procured. The grain was for shipment in LH January.<br> <br>-- Traders on Thursday reported that the Feed Leaders Committee of South Korea bought between 65,000 and 70,000 mt of feed Corn in a privately negotiated deal. The origin of the corn was said to be either South American or US. They reportedly paid $235.90/mt cf, delivery is expected by April 20th<br> <br>-- On Thursday, Jordan's state grain buyer announced they're seeking the usual 120,000 mt of feed Barley in a tender to close on January 15th. The grain is for shipment from March 1 through Apr 30th.<br> <br>-- Longshoremen union and port operators group announced a tentative agreement on a new six year master contract that will avert any work stoppages on January 15. However, details of the next contract will not be released until after rank and file members vote to approve the measure.<br> <br>-- Buenos Aires Grain Exchange weather forecaster Wednesday suggested mid January rains will likely bring some relief to core Corn and Soybean growing areas. Their models are showing for the period Jan 16 to Jan 22 key growing regions could see between 50 and 75 mm of rain<br> <br>-- On Wednesday, China's Ag Ministry announced efforts to ramp up new corn, soy and other crop variety breeding. They are setting priorities on higher yielding organisms as a means to increase grain production and ultimately secure supplies of grains and other key commodities.<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>-- USDA on Wednesday afternoon issued a statement refuting a media report that cited anonymous sources as saying the USDA would partially resume cattle imports from Mexico on January 20th. The USDA said they have not set Jan 20th. The agency back in November 2024 blocked imports of cattle after the discovery of New World screwworm in Mexico.<br> <br> <br> <br>Pending Tenders<br> <br>-- Pending Tender: On Wednesday, Tunisia's state grain buyer set Thursday, January 9th as the offer deadline in a tender seeking 75,000 mt of feed grade Barley.<br> <br> <br> <br>-- Euronext Paris March corn futures on Thursday are trading -0.25 euro lower at 211.00 euros/mt<br> <br>-- Dalian May corn futures on Thursday traded -3 yuan lower ending at 2,225 yuan/mt</span></div><br><span style=\"font-size: 12pt; font-family: Verdana, Geneva, sans-serif;\">KJ</span></div>