Corn futures are heading higher at midday, with bulls trying to flex 1 to 2 cent gains so far. The CmdtyView national average Cash Corn price is up 2 ¼ cents at $3.79 1/4 at today’s close.
The average close for December futures so far this month has been $4.20. The whole month average price is used to determine the harvest price for crop insurance.
EIA data from this morning showed a total of 1.071 million barrels per day of ethanol production in the week ending on 10/3. That was a rebound of 76,000 bpd on the week. Stocks were still tightening, down 44,000 barrels to 22.72 million barrels. Ethanol exports were up 50,000 barrels to 138,000 bpd, as refiner inputs of ethanol were down 13,000 bpd to 892,000 bpd.
ANEC estimates the Brazilian corn exports at 6 MMT for October, which would be an increase over the 5.67 MMT in October 2024.
Dec 25 Corn is at $4.21 3/4, up 2 cents,
Nearby Cash is at $3.79 1/4, up 2 1/4 cents,
Mar 26 Corn is at $4.37 3/4, up 1 1/2 cents,
May 26 Corn is at $4.46 1/2, up 1 1/4 cents,
