Corn Futures Show Strong Gains Amidst Positive Market Signals
Tuesday’s Market Activity and Key Financial Data
Corn futures are enjoying gains of 1 to 2 cents on Wednesday, continuing a positive trend. On Tuesday, preliminary open interest reported a substantial increase with net new buying of 26,476 contracts. According to cmdtyView, the national average cash corn price rose by 1 1/4 cents, reaching $4.22 ¼.
Ethanol Production and Stock Data Released
Weekly data from the EIA revealed that ethanol production reached 1.078 million barrels per day during the week ending December 6, marking an increase of 5,000 barrels per day from the previous week. However, ethanol stocks declined, falling by 355,000 barrels to 22.648 million barrels. Ethanol exports decreased by 3,000 barrels to 123,000 bpd, while refiner inputs rose by 10,000 barrels per day, totaling 883,000 bpd.
Expectations for Upcoming Export Sales Report
As the weekly Export Sales report approaches this Thursday, analysts anticipate that corn sales for the 2024/25 marketing year will range from 1.1 to 1.9 million metric tons for the week ending December 5. Additionally, shipments for 2025/26 are expected to range from 0 to 100,000 metric tons.
Changes in Corn Stocks According to WASDE Report
The recent WASDE report provided significant updates, indicating a noteworthy reduction of 200 million bushels in U.S. corn ending stocks, bringing the total to 1.738 billion bushels. Globally, stocks were also cut, down 7.7 million metric tons to a total of 296.44 million metric tons.
Current Corn Prices
Dec 24 Corn is at $4.42 1/2, up 2 cents,
Nearby Cash is at $4.22 1/4, up 1 1/4 cents,
Mar 25 Corn is at $4.50 1/4, up 1 1/4 cents,
May 25 Corn is at $4.57, up 1 3/4 cents.
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.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
