Corn Futures Show Modest Gains as Exports Boost Market Outlook
Cash Corn Prices Rise Slightly Amid Mixed Futures Performance
Corn futures wrapped up Thursday with prices rising 2 cents in nearby contracts after an early dip while other contracts lost a fraction of a cent. The national average Cash Corn price from cmdtyView increased by 2 1/4 cents to $3.75 3/4 per bushel. In October, December corn futures have averaged $4.18, which is 48 cents lower than the February base insurance price.
Export Sales Report Encourages Traders
The USDA announced private export sales of 197,180 metric tons (MT) of 2024/25 corn to Mexico, in addition to another 101,000 MT sold to unidentified destinations. Ahead of the Export Sales report scheduled for Friday morning, analysts expect sales for the week ending October 10 to fall between 1.2 and 2.2 million MT for the 2024/25 season, with an additional 0 to 50,000 MT for the 2025/26 season.
Ethical Production Insights from EIA Report
Recent data from the EIA revealed that ethanol production averaged 1.042 million barrels per day for the week ending October 11, marking an increase of 4,000 barrels per day from the previous week. Additionally, ethanol stocks rose by 121,000 barrels to reach 22.275 million. Refiner inputs of ethanol remained steady at 912,000 barrels per day, while exports decreased slightly by 1,000 barrels per day to 140,000.
International Demand Signals Strong Market
Algeria has issued a tender for 240,000 MT of corn from Argentina or Brazil, and Taiwan is looking to purchase 65,000 MT. In a notable overnight transaction, South Korean importers secured two separate purchases totaling 130,000 MT. Meanwhile, the International Grains Council adjusted its forecast for the 2024/25 corn carryover, increasing it by 3 million MT to 279 million MT.
Dec 24 Corn closed at $4.06 3/4, up 2 cents,
Nearby Cash was $3.75 3/4, up 2 1/4 cents,
Mar 25 Corn closed at $4.21 1/4, up 3/4 cent,
May 25 Corn closed at $4.28 3/4, unchanged,
On the date of publication, Austin Schroeder did not hold positions in any of the securities mentioned in this article. All information and data in this article are intended solely for informational purposes. For more details, please view the Barchart Disclosure Policy
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