Additional selling overnight has corn 2 to 3 cents lower to start the Tuesday session. Front month corn futures ended the session 8 to 9 1/4 cents weaker. March closed yesterday at the low of $5.47 1/2. New crop contracts ended 2 to 3 3/4 cents weaker, eating into some of the inverse. Some net new selling interest was noted in the July and September contracts. Preliminary open interest rose 2,161 contracts across all months.
The monthly USDA Grain Crush report showed 415.8 mbu of corn used for ethanol production in Jan. That was 3.7% below December’s use and was 11.43% below Jan 2020. DDGS production in January was 1.75m tons, down from 1.79 in December. The Texas state crop report indicated that 3% of the intended corn crop has been planted there. That lags the 7% average pace, due to producer decisions to delay starting until after the record cold snap in February. There were again zero delivery notices against March futures overnight. The oldest long is dated October 26.
--- provided by Brugler Marketing & Management