Corn prices are showing fractional to 1 ¼ cent gains on Friday morning. Futures closed out the Thursday session with contracts steady to down 2 cents across the front months. The front month cmdtyView US cash corn price was down 2 cents to $3.75 on the day. There was a total of 39 deliveries issued against September overnight, taking the total since first notice day to 350.
Weekly EIA data pegged ethanol production at 1.061 million barrels per day in the week of 8/30, down 10,000 bpd from the week prior. Ethanol stocks dropped 218,000 barrels to 23.354 million barrels. Refiner inputs of ethanol were up 8,000 barrels to 933,000 bpd. Exports in that week were down 54,000 barrels per day to 91,000 bpd.
Export Sales estimates are running net reductions of 100,000 MT to net sales of 200,000 MT in the week of 8/29 for old crop. New crop business is expected to be between 0.7 to 1.4 MMT.
Brazilian corn export during August totaled 6.063 MMT, which was down from last year by 35.25% and was the lowest August total since 2020 and the second lowest out of the last 6 years.
Sep 24 Corn closed at $3.90, down 1/2 cent, currently up 1/4 cents
Nearby Cash was $3.75, down 2 cents,
Dec 24 Corn closed at $4.10 3/4, down 2 cents, currently up 1 1/4 cents
Mar 25 Corn closed at $4.29 1/4, down 1 3/4 cents, currently up 1/2 cents
New Crop Cash was $3.75, down 2 cents,
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.
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