Corn futures concluded trading on Wednesday, December 27, 2023, with the CmdtyView national average cash corn price declining by 1.5 cents to $3.96 1/4. The market will close for New Year’s Day and reopen at 8:30 AM CST on Friday.
During the session, managed money reported a shift back to a net long position of 55,431 contracts, resulting in a total net long of 2,759 contracts, primarily due to short covering. The USDA’s Export Sales report indicated that 2.2 million metric tons of corn were sold for the week ending December 18, exceeding expectations of 1-2 million metric tons and marking a 28.7% increase compared to the same week last year.
In ethanol production, the EIA reported an output of 1.12 million barrels for the week ending December 26, up by 25,000 barrels per day from the previous week, while ethanol stocks rose by 416,000 to 22.944 million barrels.
