Corn Futures Show Modest Gains Amid Market Activity

Corn futures are currently trading with contracts rising between a penny and 5½ cents as midday approaches. There were 25 deliveries issued against May contracts overnight. The CmdtyView national average Cash Corn price has increased by 3½ cents to reach $4.40¾.

Export Sales and Ethanol Production Insights

This morning, the USDA announced a private export sale of 120,000 metric tons of corn to an unknown destination for shipment in the 2024/25 season.

Recent data from the EIA indicates that ethanol production has improved, rising by 7,000 barrels per day in the week ending April 25, bringing the total to 1.04 million bpd. Meanwhile, ethanol stocks have seen a drawdown, decreasing by 92,000 barrels to 25.89 million—the lowest level since early January. Refiner inputs of ethanol have decreased by 13,000 bpd to 908,000 bpd. However, exports have surged, increasing by 66,000 bpd week-over-week to 141,000 bpd.

Anticipated Drop in Corn Usage

Traders expect a 2.6% decline in corn used for ethanol production in March, forecasting usage at 459.9 million bushels compared to last year. A report detailing these figures is set to be published on Thursday afternoon.

Current Corn Prices

May 25 Corn is trading at $4.66, up 5½ cents.

Nearby Cash is at $4.40¾, up 3½ cents.

Jul 25 Corn is priced at $4.75, increasing by 4¾ cents.

Dec 25 Corn is at $4.45½, up 1 cent.

New Crop Cash stands at $4.06¼, down ¾ 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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