Corn Futures Dip After Early Gains; Key EIA Report Released
Corn futures experienced losses ranging from 1 to 3 ¼ cents on Wednesday morning, retracting from an initial price surge. Currently, CmdtyView’s national average Cash Corn price stands at $4.46 3/4, down 1 1/4 cents.
Latest EIA Report Insights
The Wednesday morning report from the Energy Information Administration (EIA) indicated a slight decrease in ethanol production, dropping by 3,000 barrels per day to 1.081 million barrels per day for the week ending February 21. Moreover, the report highlighted the most significant weekly build in stocks since January 2023, with an increase of 1.353 million barrels to a total of 27.571 million barrels. Notably, a considerable portion of this rise originated from the Midwest, which saw a record build of 11.16 million barrels, while the Gulf region’s stocks rose by 540,000 barrels.
Export Sales Outlook
Looking ahead, Export Sales data is set to be released on Thursday morning. Traders surveyed by Reuters anticipate bookings for old crop corn between 0.9-1.65 million metric tons (MMT) during the week ending February 20. Meanwhile, new crop sales are projected to range from 0 to 100,000 MT.
International Purchases
In recent market activity, a South Korean importer has secured a total of 68,000 MT of corn from the U.S. in a recent tender.
Current Corn Futures Prices
Mar 25 Corn is currently priced at $4.78 1/4, a decrease of 1 1/2 cents.
Nearby Cash is recorded at $4.46 3/4, down 1 1/4 cents.
May 25 Corn stands at $4.94, reflecting a decline of 1/4 cent.
Dec 25 Corn is priced at $4.66 3/4, down 3 1/4 cents.
New Crop Cash is now at $4.35 1/2, down 3 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.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
