Corn Futures Show Mixed Results Amid Declining Cash Prices

Corn futures finished Wednesday’s trading session with a mix of results, as nearby contracts experienced notable declines, dropping by ½ to 2 ¼ cents. The average closing price for December corn futures this month stands at $4.16, which is 50 cents lower than the February base insurance price. According to cmdtyView, the national average Cash Corn price decreased by 2 cents, landing at $3.80 ¾ per bushel.

This morning, the USDA announced private export sales totaling 273,048 MT, all designated for unknown destinations, with delivery scheduled for the 2024/25 shipping period.

Data from the EIA revealed a slight increase in ethanol production, which rose by 1,000 barrels per day to reach 1.082 million bpd for the week ending October 25. Additionally, ethanol stocks saw a reduction of 452,000 barrels, bringing the total to 21.771 million barrels—the lowest level recorded in the past 11 months. In contrast, ethanol exports fell by 46,000 bpd from the previous week, sitting at 60,000 bpd, while refiner inputs increased by 7,000 bpd to 922,000 bpd.

Looking ahead, export sales for the week ending October 24 are projected to range between 1.8 to 3.5 MMT for the 2024/25 shipping period, while 2025/26 sales estimates fall between 0 and 500,000 MT.

Dec 24 Corn closed at $4.11 1/2, down 2 1/4 cents.

Nearby Cash was $3.80 3/4, down 2 cents.

Mar 25 Corn closed at $4.25 1/2, down 1 1/2 cents.

May 25 Corn closed at $4.33 3/4, down 1 1/4 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.

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