Corn prices are steady to fractionally higher in the nearbys on Thursday. Futures closed with gains across most contracts on Wednesday, with contracts 1 to 2 ¼ cents higher on the day. Preliminary open interest suggested modest net new buying, up 13,539 contracts. The CmdtyView national average Cash Corn price was up 2 ¾ cents at $3.80 1/2. The average close for December futures so far this month has been $4.20.
EIA data from Wednesday 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.
Export Sales data will not be reported on Thursday due to the government shutdown, though traders surveyed by Reuters were looking for 1.2-2 MMT of corn sold in the week of 10/2. ANEC estimates the Brazilian corn exports at 6 MMT for October, which would be an increase over the 5.67 MMT in October 2024.
China’s CASDE report from Thursday morning left the production number alone at 296.16 MMT, with the import number trimmed by 1 MMT to 6 MMT.
Dec 25 Corn closed at $4.22, up 2 1/4 cents, currently up 1/2 cent
Nearby Cash was $3.80 1/2, up 2 3/4 cents, currently unch
Mar 26 Corn closed at $4.37 3/4, up 1 1/2 cents,
May 26 Corn closed at $4.46 1/4, up 1 cent, currently unch
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.
