Corn Futures Show Mild Gains Amid Declining Ethanol Production

Corn futures are currently trading with contracts increasing by 2 to 3 cents in Wednesday’s session. However, the front month CmdtyView national average cash corn price has dipped by 2 1/2 cents, now standing at $4.56 3/4.

Ethanol Production and Stock Trends

This morning’s EIA data revealed a continued decline in ethanol production, which fell by 9,000 barrels per day to 1.012 million bpd for the week ending April 11. Ethanol stocks decreased by 220,000 barrels, bringing the total down to 26.814 million barrels. Exports of ethanol registered at 137,000 bpd, marking a decrease of 37,000 bpd from the previous week, while refiner inputs of ethanol rose by 30,000 bpd, now at 902,000 bpd.

Upcoming Export Sales Figures

The Export Sales data is set to be released Thursday morning. The market anticipates between 0.6 and 1.8 million metric tons (MMT) in old crop bookings for the week ending April 10, with new crop projections ranging from 0 to 300,000 metric tons.

Current Corn Prices

May 25 Corn is valued at $4.84, reflecting an increase of 2 3/4 cents.

Nearby Cash is at $4.56 3/4, up by 2 1/2 cents.

Jul 25 Corn stands at $4.92, showing an uptick of 2 1/2 cents.

Dec 25 Corn is priced at $4.66 3/4, also up by 2 1/2 cents.

New Crop Cash is at $4.31 3/4, marking a gain of 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 are solely for informational purposes. For more information, please view the Barchart Disclosure Policy
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