Corn prices rose by 4 to 5 cents on Thursday morning, following a decline of 2 ¾ to 3 ½ cents the previous day. Open interest dropped by 13,830 contracts, indicating long liquidation. The CmdtyView national average cash corn price increased by ¾ cent to $4.15 ¾. Crude oil surged by $9.50 after President Trump’s address regarding ongoing strikes affecting the Strait of Hormuz, with Thursday marking the last trading day of the week due to Good Friday.
Data from the EIA showed ethanol production at 1.075 million barrels per day for the week ending March 27, a decrease of 41,000 bpd. Stocks fell by 1.179 million barrels to 25.991 million barrels, primarily in the Midwest and Gulf. Export sales data is expected later today, with estimates of 0.9-1.6 million metric tons of old crop corn sold for the week ending March 26.
The USDA reported that the February corn grind was 424.8 million bushels, a 0.73% increase from last year but 8% lower than January. Year-to-date corn used for ethanol stands at 2.744 billion bushels, down 7 million bushels compared to the previous year. USDA’s balance sheet anticipates an increase of 111 million bushels year-over-year.
