Corn Slipping Back Lower to Begin Thursday
Corn prices are kicking off the Thursday session with losses of 2 to 2 ½ cents. Futures faded off the early Wednesday session strength at midday, but contracts closed with steady to fractional gains on the day. A few deferreds were down ¼ to ½ cents. The front month national Cash Corn price from cmdtyView was up 1 1/4 at $3.78 1/2 per bu.
Weekly EIA data showed 1.049 million barrels per day of ethanol production during the week that ended on September 13. That was down 31,000 bpd from the week prior, assuming a drop in corn use. Ethanol stocks saw a build of 71,000 barrels to 23.785 million barrels. Refiner inputs of ethanol rose 16,000 bpd to 908,000 bpd, with ethanol exports down 26,000 bpd to 151,000 bpd.
The weekly Export Sales report will be released on Thursday morning, with traders estimating to see between 550,000 MT and 1.4 MMT of 2024/25 corn sales, with just 0-50,000 MT expected for 2025/26.
Brazil’s corn exports for September are expected to total 6.63 MMT, a slightly increase from the 6.47 MMT projection last week from ANEC. Last year, Brazil exported 6.42 MMT in September.
Dec 24 Corn closed at $4.12 3/4, up 1/4 cent, currently down 2 1/2 cents
Nearby Cash was $3.78 1/2, up 1 1/4 cents,
Mar 25 Corn closed at $4.30 3/4, unch, currently down 2 1/4 cents
May 25 Corn closed at $4.41 1/2, up 1/4 cent, currently down 2 1/2 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.