Corn Market Fluctuates Ahead of Key Expiration Date

Ethanol Production Hits New High Despite Cash Corn Price Decline

The corn market is experiencing slight changes on Wednesday, with prices fluctuating between minimal gains and 2 cent losses. The December contract is under pressure as it approaches the first notice day. According to cmdtyView, the national average cash corn price has decreased by 2 1/4 cents, now standing at $3.94 per bushel. Friday marks the first notice day for December corn futures.

In a report released today, the EIA illustrated a surge in ethanol production, reaching a record of 1.119 million barrels per day. This figure represents an increase of 6,000 barrels per day from the previous record and 9,000 barrels more than last week. Consequently, ethanol stockpiles rose by 306,000 barrels, bringing the total to 22.869 million barrels. Additionally, refiner inputs fell by 2,000 barrels to 890,000 barrels per day, while exports climbed by 14,000 barrels per day to 158,000 barrels.

As Friday’s delayed report approaches, export sales estimates for corn are projected to range between 0.8 and 2 million metric tons (MMT) in 2024/25 bookings for the week of November 21. There are also estimates for 0 to 100,000 metric tons for sales in 2025/26.

In other market activity, Taiwan has purchased a total of 65,000 metric tons of U.S. wheat in a tender held this morning.

Current corn prices are as follows:

• Dec 2024 Corn: $4.18, down 2 cents
• Nearby Cash: $3.94, down 2 1/4 cents
• Mar 2025 Corn: $4.28 1/4, up 1/4 cent
• May 2025 Corn: $4.35 3/4, up 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 are solely for informational purposes. For more information, please view the Barchart Disclosure Policy here.

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