Corn price action is fractionally lower so far on Thursday. Futures pulled off the early lows to end Wednesday with fractional to a penny gains. Preliminary open interest was up 21,944 contracts on Wednesday. The CmdtyView national average Cash Corn price was up 1/2 cent at $3.73 3/4. Some late session buying came via spillover support from soybeans on a post by President Trump.
The weekly EIA report from Wednesday morning showed a total of 995,000 barrels per day of ethanol production in the week that ended on September 26. That was a drop of 29,000 barrels per day from the week prior and taking the 3 weeks decline to 110,000 bdp. Ethanol stocks were back down 704,000 barrels to 22.764 million barrels.
Export sales data will likely be suspended from the normal Thursday morning release this week due to the government shutdown. Traders were looking for between 1.2 an 2.2 MMT of corn sold in the week ending on September 25.
StoneX estimates the US corn yield at 185.9 bpa, a 1 bpa reduction from last month, with production estimated at 16.737 bbu.
Dec 25 Corn closed at $4.16 1/2, up 1 cent, currently down 1/4 cent
Nearby Cash was $3.73 3/4, up 1/2 cent,
Mar 26 Corn closed at $4.32 3/4, up 3/4 cent, currently down 1/2 cent
May 26 Corn closed at $4.42 3/4, up 1 cent, currently down 1/2 cent
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
