Corn price action is up 2 to 3 cents so far on Friday morning. Futures posted Thursday gains of 2 to 5 cents at the close, as there were some bear spreads unwinding with December gaining 1 ¾ cents on March. Preliminary open interest was up 3,700 contracts across the board, with December down 4,514 contracts and March up 12,019 contracts. The CmdtyView national average Cash Corn price is up 5 ¼ cents at $3.79 1/4. We are over halfway through October and getting closer to the Crop Insurance harvest price, with the average close of December futures at $4.18 so far. That is below the $4.70 from February and above the $4.16 harvest price last year.
Harvest should continue in the next week for much of the Western Corn Belt, with the ECB seeing 1-3 inches. That should put a slowdown on any later harvest, though it will add back to some lower river levels along the Mississippi. Yield results thus far for some have been below expectations.
EIA data from Thursday morning showed a slight uptick in ethanol production for the week ending on October 17, rising 3,000 barrels per day to 1.074 bpd. Despite the output increase, stocks still saw a draw of 92,000 barrels to 22.628 million barrels. Exports slipped back 30,000 bpd to 108,000 bpd on the week, with refiner inputs of ethanol up 23,000 bpd to 915,000 bpd.
Dec 25 Corn closed at $4.21 3/4, up 5 cents, currently up 2 1/2 cents
Nearby Cash was $3.79 1/4, up 5 1/4 cents,
Mar 26 Corn closed at $4.35 1/2, up 3 1/4 cents, currently up 2 1/4 cents
May 26 Corn closed at $4.43 3/4, up 2 3/4 cents, currently up 2 1/4 cents
