Corn futures slipped up into the close running into some technical resistance, with nearbys down ¾ to 2 ½ cents and other contracts up ¼ to 2 ¾ cents. The national average Cash Corn price from cmdtyView was down a penny at $4.20.
Weekly EIA data showed ethanol production totaling 1.078 million barrels per day in the week of 12/6, a 5,000 bpd increase from the week prior. Ethanol stocks were 355,000 barrels below the week prior at 22.648 million barrels. Ethanol exports were down 3,000 barrels at 123,000 bpd, with refiner inputs up 10,000 barrels per day at 883,000 bpd.
Ahead of the weekly Export Sales report on Thursday, analysts are expecting to see 1.1 to 1.9 MMT of corn sold for 2024/25 in the week ending on 12/5. Another 0-100,000 MT is seen for 2025/26 shipment.
WASDE data from Tuesday showed a massive 200 mbu cut to the US corn ending stocks numbers to 1.738 billion bushels. On the world front, stocks were slashed by 7.7 MMT to 296.44 MMT.
Dec 24 Corn closed at $4.38, down 2 1/2 cents,
Nearby Cash was $4.20, down 1 cent,
Mar 25 Corn closed at $4.48 1/4, down 3/4 cent,
May 25 Corn closed at $4.55 1/2, up 1/4 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 is solely for informational purposes. For more information please view the Barchart Disclosure Policy
here.
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