The corn market closed the Wednesday session with contracts fractionally to 4 ¼ cents higher, fending off early weakness. The national average Cash Corn price from cmdtyView was up 4 1/4 cents at $4.44.
USDA’s Export Sales report will be out per normal on Thursday morning, with analysts expecting to see between 0.5 and 1 MMT of corn bookings for 2024/25 in the week ending on January 9.
Weekly EIA data showed ethanol production at a total of 1.095 million barrel per day in the week of 1/10, a drop of 7,000 bpd in that week. Stocks continue to build, up another 860,000 barrels to 25.008 million barrels. Exports were down 30,000 bpd wk/wk, at 125,000 barrels per day. Refiner inputs of ethanol were back up 50,000 barrels per day at 829,000 bpd.
Taiwan purchased a total of 65,000 MT of corn in a tender overnight, with US the likely origin. The Rosario Grains Exchange estimates the Argentina corn crop at 48 MMT, own from the previous estimate of 50-51 MMT.
Mar 25 Corn closed at $4.78 3/4, up 4 1/4 cents,
Nearby Cash was $4.44, up 4 1/4 cents,
May 25 Corn closed at $4.88, up 3 1/4 cents,
Dec 25 Corn closed at $4.57, up 1/4 cent,
New Crop Cash was $4.28 5/8, up 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.
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