Corn Futures Decline While Ethanol Production Sees Modest Drop

Corn futures are losing their early Wednesday momentum, with contracts down 3 to 4 cents for nearby deliveries, while new crop December contracts are up a penny. The Commodity View national average cash corn price has decreased by 3.5 cents to $4.22.

Ethanol Production and Stocks Update

Recent data from the EIA indicated ethanol production reached 1.02 million barrels per day for the week ending on May 2. This marks a decrease of 20,000 bpd compared to the previous week. Additionally, ethanol stocks fell by 198,000 barrels to 25.191 million barrels. Refiner inputs also dropped, declining 22,000 bpd to 886,000 bpd, while exports fell by 12,000 bpd to 129,000 bpd.

Upcoming USDA Balance Sheet Details

The USDA is set to release its first look at the U.S. balance sheet next week. According to a Reuters survey, analysts anticipate a yield of 181.1 bushels per acre, with total production expected to reach 15.787 billion bushels.

International Demand

A South Korean importer has acquired a total of 66,000 metric tons of corn overnight. Additionally, another importer is tendering for 140,000 metric tons.

Current Market Prices

May 25 Corn is trading at $4.44 1/4, down 3 1/4 cents.

Nearby Cash stands at $4.22, down 3 1/2 cents.

Jul 25 Corn is at $4.52, down 3 1/2 cents.

Dec 25 Corn is priced at $4.42 1/4, up 1 cent.

New Crop Cash is at $4.01 3/4, up 1 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 are solely for informational purposes. For more information, please view the Barchart Disclosure Policy.
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