Corn Market Declines Amid Broad Commodity Losses

Recent Production and Export Data Highlight Mixed Signals

Corn prices experienced a downturn on Thursday, falling in line with the trend seen in many other commodities. Contracts recorded losses ranging from 2 to 7 ½ cents. The national average Cash Corn price tracked by cmdtyView decreased by 7 1/4 cents, settling at $3.94 1/2 per bushel.

Weekly reports from the EIA revealed that ethanol production reached 1.113 million barrels per day for the week ending November 8. This marks an increase of 8,000 bpd from the prior week and sets a new record. However, available stocks rose only modestly, increasing by 19,000 barrels to total 22.039 million barrels. On the export front, there was an uptick of 35,000 bpd, bringing the total to 144,000 bpd. Meanwhile, refiner inputs of ethanol fell by 9,000 bpd to a total of 909,000 bpd.

Investors and market watchers are anticipating the release of Export Sales data on Friday morning. Projections for the 2024/25 crop totals are expected to range between 1.25 to 2.6 MMT, with 2025/26 sales predicted to sit between 0 and 100,000 MT.

In a related note, Brazil’s CONAB has slightly adjusted its estimate for the 2024/25 corn crop, increasing it by 0.07 MMT to a total of 119.81 MMT in the latest update.

Dec 24 Corn closed at $4.19, down 7 1/2 cents.

Nearby Cash was reported at $3.94 1/2, down 7 1/4 cents.

Mar 25 Corn closed at $4.30 3/4, down 6 3/4 cents.

May 25 Corn closed at $4.38 1/4, down 6 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.

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