Corn Bouncing Back on Thursday Morning
Corn futures are trading with contracts are up 1 ½ to 2 ½ cents so far on Thursday morning. The corn market fell lower on Wednesday, with losses of 3 to 4 cents across the front months. The nearby CmdtyView national average Cash Corn price is down 2 ¾ cents at $4.46 3/4. Pressure also came from a stronger dollar index.
Weekly EIA data showed ethanol production rising 21,000 barrels per day in the week that ended on April 18 to 1.033 bpd. Still, stocks of the fuel saw a draw of 1.333 million barrels to 25.481 million barrels. Ethanol exports were down 62,000 bpd week/week to 75,000 bpd, as refiner inputs of ethanol were up 19,000 bpd to 921,000 bpd. That was the highest since the week of October 25, as implied gasoline use (product supplied) was the highest since Jule 2024 at 9.414 million bpd.
Export Sales data will be released this morning, with the trade looking for 2024/25 corn sales to total 0.8 to 1.3 MMT in the week ending on April 17. New crop sales are expected to be in a range of 0-100,000 MT.
May 25 Corn closed at $4.72, down 3 3/4 cents, currently up 2 1/2 cents
Nearby Cash was $4.45 3/4, down 3 3/4 cents,
Jul 25 Corn closed at $4.79 1/4, down 4 cents, currently up 1 1/2 cents
Dec 25 Corn closed at $4.54 1/2, down 3 1/2 cents, currently up 1 1/2 cents
New Crop Cash was $4.18, down 4 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.