Corn Futures Rise Ahead of Market Midday
Corn futures are climbing 5 to 8 cents as the Chicago market approaches noon. On Wednesday, preliminary open interest saw an increase of 15,115 contracts. According to cmdtyView, the national average cash corn price decreased by 5 3/4 cents, settling at $4.49 1/4.
Ethanol Production Data Released Following Holiday Delay
The weekly ethanol production report, delayed by a federal holiday on Monday, shows an average output of 1.099 million barrels per day (bpd). Ethanol stocks surpassed expectations, totaling 25.874 million barrels. Analysts predicted a drop in average daily production to 1.087 million bpd and an increase in stocks from 25.008 million barrels the previous week.
Future Corn Planting Estimates Show Increase
S&P Global projects that U.S. corn planted acreage will reach 93.5 million acres in 2025. This figure marks a 700,000-acre rise from their December predictions and is an increase from 90.594 million in 2024.
International Purchases and Weather Impacting Crop Conditions
A South Korean importer has acquired 136,000 MT of corn, while Algeria is looking to purchase 240,000 MT with offers due on Thursday. In Argentina, crop condition ratings are declining, although recent rains have benefited some critical areas. Meanwhile, CONAB maintains its Brazilian production estimate at 119.6 million metric tons (MMT).
Corn Price Summary
Mar 25 Corn is at $4.93, up 8 3/4 cents.
Nearby Cash is at $4.58 1/4, up 8 3/4 cents.
May 25 Corn is at $5.02 3/4, up 8 3/4 cents.
Dec 25 Corn is at $4.64 1/2, up 5 cents.
New Crop Cash is at $4.36 3/4, up 5 1/4 cents.
On the date of publication, Alan Brugler 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 the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
