Corn Futures Rise as Traders Conclude April with Gains
Corn futures experienced a positive shift on Wednesday, with contracts increasing by 1 to 6 ¾ cents. This uptick comes as traders conclude the month experiencing a market bounce. The nearby CmdtyView national average cash corn price rose by 5 1/4 cents, settling at $4.42 1/2.
USDA Reports Export Sales
The USDA announced a private export sale of 120,000 metric tons of corn to an unknown destination for the shipment year 2024/25. Traders anticipate the upcoming Export Sales data, due on Thursday, which is expected to report between 0.7 and 1.5 million metric tons of old crop corn sales for the week ending April 24, while new crop sales may range from 0 to 200,000 metric tons.
Ethanol Production Data
Recent EIA data showed that ethanol production improved by 7,000 barrels per day for the week ending April 25, reaching 1.04 million barrels per day. Stocks saw a continued decline, dropping by 92,000 barrels to 25.89 million, marking the lowest levels since early January. Additionally, refiner inputs of ethanol decreased by 13,000 barrels per day to 908,000 barrels per day, though exports increased by 66,000 barrels per day week-over-week, reaching 141,000 barrels per day.
Market Expectations
Traders expect corn used in ethanol production for March to decline by 2.6% year-over-year, totaling 459.9 million bushels. A report detailing these figures will be published on Thursday afternoon.
Closing Prices
May 25 Corn closed at $4.67 1/4, up 6 3/4 cents.
Nearby Cash was $4.42 1/2, up 5 1/4 cents.
Jul 25 Corn closed at $4.75 1/2, up 5 1/4 cents.
Dec 25 Corn closed at $4.46 1/4, up 1 3/4 cents.
New Crop Cash was $4.07 1/4, up 1/4 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.
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