Corn Market Update: Steady Prices Despite Record Ethanol Production
Market Overview: Corn Prices Stabilize Ahead of Friday’s Notice Day
The corn market remained steady on Wednesday, with most contracts showing a slight decline. December corn dropped 4 ¼ cents, nearing the first notice day this Friday. The national average cash corn price, according to cmdtyView, decreased by 3 ¾ cents, landing at $3.92 ½ per bushel.
Ethanol Production Hits New Highs
According to the latest EIA data released this morning, ethanol production reached a new record, increasing by 6,000 barrels per day over the previous record and climbing 9,000 barrels from last week to a total of 1.119 million barrels per day. This surge added 306,000 barrels to the ethanol stockpile, which now stands at 22.869 million barrels. During this period, refiner inputs saw a slight reduction of 2,000 barrels, bringing them down to 890,000 barrels per day, while exports rose by 14,000 barrels to 158,000 barrels per day.
Export Sales and International Activity
As we look forward to Friday’s delayed export sales report, estimates suggest that corn bookings for the week of November 21, 2024/25 may range between 0.8 and 2 million metric tons, alongside projected sales of 0 to 100,000 metric tons for 2025/26.
In other international news, Taiwan secured a total of 65,000 metric tons of U.S. wheat through a tender on Wednesday morning.
Price Summary
Dec 24 Corn closed at $4.15 ¾, down 4 ¼ cents.
Nearby Cash was at $3.92 ½, a drop of 3 ¾ cents.
Mar 25 Corn ended at $4.28, unchanged.
May 25 Corn settled at $4.35 ¼, also unchanged.
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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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
