Corn Market Experiences Decline Amid Stronger Dollar Influence
The corn market experienced a downturn on Wednesday, with losses of 3 to 4 cents across the front months. As of the latest national average, the CmdtyView Cash Corn price has decreased by 2 ¾ cents to $4.46 3/4. Pressure on prices also emerged from a stronger dollar index.
Ethanol Production and Stock Updates
Recent weekly data from the EIA reported an increase in ethanol production by 21,000 barrels per day for the week ending April 18, reaching a total of 1.033 million bpd. Conversely, stocks of ethanol decreased by 1.333 million barrels, bringing the total to 25.481 million barrels. Ethanol exports fell by 62,000 bpd week-on-week, settling at 75,000 bpd. Meanwhile, refiner inputs of ethanol rose by 19,000 bpd to 921,000 bpd, marking the highest level since October 25. This uptick corresponds with a rise in implied gasoline use, which reached 9.414 million bpd—the highest since July 2024.
Upcoming Data and Sales Projections
Looking ahead, Export Sales data is set to be released on Thursday morning. Market analysts anticipate that the corn sales for the 2024/25 season will range from 0.8 to 1.3 million metric tons (MMT) for the week ending April 17. For new crop sales, estimates are expected to fall between 0 to 100,000 metric tons.
Current Corn Prices
May 25 Corn closed at $4.72, a decline of 3 3/4 cents.
Nearby Cash was priced at $4.45 3/4, down 3 3/4 cents.
July 25 Corn concluded at $4.79 1/4, a decrease of 4 cents.
December 25 Corn settled at $4.54 1/2, down 3 1/2 cents.
New Crop Cash was reported at $4.18, down 4 cents.
On the date of publication, Austin Schroeder did not hold any positions, either directly or indirectly, in any of the securities mentioned in this article. All information and data in this article are solely for informational purposes. For more details, please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are solely those of the author and do not necessarily reflect those of Nasdaq, Inc.
