Corn Market Sees Minor Declines Amid Mixed Export and Ethanol Data
The corn market concluded Thursday’s trading session with nearby contracts declining by 3 to 4 cents, while December contracts edged up by a penny. The CmdtyView national average Cash Corn price remained unchanged at $4.42 3/4.
Export Sales Highlight
Export Sales data revealed 1.014 million metric tons (MMT) of sales for the week ending April 24, marking a three-week low, yet up 33.7% compared to the same week last year. Mexico accounted for the largest share, purchasing 451,400 MT. Colombia and Israel followed, buying 166,200 MT and 130,700 MT, respectively. New crop bookings totaled 244,704 MT, representing the second-largest figure for the marketing year, with Mexico acquiring 184,700 MT and Japan receiving 56,000 MT.
Ethanol Production Insights
The monthly Grain Crushing report from NASS indicated that 454.197 million bushels of corn were used for ethanol production in March. This figure marked a 7.7% increase from February but illustrated a 3.79% decrease compared to the previous year. So far this marketing year, corn utilization for ethanol stands at 3.209 billion bushels, which is approximately 18 million bushels more than at the same time last year.
Argentina’s Corn Harvest Progress
In Argentina, the Buenos Aires Grain Exchange estimates that 31% of the corn crop has been harvested, reflecting a modest advancement of just 1% over the previous week.
Market Closing Prices
May 25 Corn closed at $4.64 1/4, down 3 cents.
Nearby Cash was $4.42 3/4, unchanged.
Jul 25 Corn closed at $4.72 1/4, down 3 1/4 cents.
Dec 25 Corn closed at $4.47 1/4, up 1 cent.
New Crop Cash was $4.07 3/4, down 1/2 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 is solely for informational purposes. For more information, please view the Barchart Disclosure Policy here.
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