Corn Futures Show Midweek Gains as Export Sales Anticipated
Corn Prices Rise on the Market
Corn futures exhibited solid performance on Wednesday, with contracts increasing by 2 to 4 cents across the board. The cmdtyView national average Cash Corn price rose by 3 1/2 cents to reach $4.53 1/4.
Private Export Sale Boosts Optimism
This morning, the USDA announced a private export sale of 130,320 MT of corn to undisclosed buyers for the 2024/25 marketing year. As traders await the weekly Export Sales report on Thursday, expectations range between 0.8 and 1.7 MMT for the week ending February 6. Additionally, new crop sales may fall between 0 and 500,000 MT.
Ethanol Production Sees Minor Decrease
According to the weekly EIA report, ethanol production averaged 1.082 million barrels per day for the week ending February 7, a decline of 30,000 bpd from the previous week. Stocks decreased by 720,000 barrels to 25.692 million barrels, while exports increased by 44,000 barrels per day to a total of 150,000 bpd. This uptick in exports comes as Gulf stocks reached their highest levels since March 2023. Notably, refiner inputs of ethanol decreased by 6,000 bpd, settling at 854,000 bpd, despite gasoline demand rising to 8.576 million bpd, the highest since before Christmas.
South Korea Seeks Corn Imports
In another development, a South Korean importer has issued a tender for 140,000 MT of corn, with a deadline set for Thursday.
Current Corn Prices Overview
Mar 25 Corn is priced at $4.87 1/2, reflecting a gain of 3 1/2 cents.
Nearby Cash stands at $4.53 1/4, also up by 3 1/2 cents.
May 25 Corn is trading at $5.01 1/4, increasing by 3 1/4 cents.
Dec 25 Corn is valued at $4.72 1/4, with an increase of 2 cents.
New Crop Cash is at $4.39 1/4, up by 1 1/2 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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