The corn market is bouncing back on Wednesday, with midday gains of 4 to 5 cents. New crop contracts are slacking off, with fractional losses.. CmdtyView’s national average Cash Corn price is up 3 1/4 cents at $4.14 1/2. There were another 220 deliveries against March corn futures overnight.
This morning’s EIA report showed ethanol production back up 12,000 barrels per day in the week that ended on February 28, totaling 1.093 million bpd. Stocks saw a draw of 282,000 barrels to 27.289 million barrels. Increased demand was a reason, as blender inputs were up 44,000 bpd to 890,000 bpd, as gasoline product supplied (implied use) was the largest since the week of December 20 at 8.877 million bpd.
Reports are surfacing that the US is throwing around a delay in the implementation of tariffs on autos from Mexico and Canada, though nothing has been made official. President Trump spoke with President Trudeau of Canada this morning though there are no updates to this point on how the meeting went.
Mar 25 Corn is at $4.39 1/4, up 3 1/4 cents,
Nearby Cash is at $4.14 1/2, up 3 1/4 cents,
May 25 Corn is at $4.54 3/4, up 3 1/4 cents,
Dec 25 Corn is at $4.46 1/4, down 1/2 cent,
New Crop Cash is at $4.10, down 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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