Market Update: Corn Prices Decline Amid Economic Pressures
Corn prices are experiencing downward pressure due to a weaker grain market and a rising dollar. Contracts have decreased by 4 to 7 cents at midday. The national average Cash Corn price, according to cmdtyView, is currently down 6 1/2 cents and stands at $3.95 1/2 per bushel.
Record Ethanol Production Highlighted Despite Rising Stocks
The Energy Information Administration (EIA) reported that ethanol production reached an impressive 1.113 million barrels per day during the week ending November 8. This figure shows an increase of 8,000 barrels per day from the previous week, marking an all-time record for production. However, stocks rose only slightly, by 19,000 barrels, leading to a total of 22.039 million barrels. Interestingly, ethanol exports also climbed by 35,000 barrels per day, reaching 144,000 barrels per day, while refiner inputs for ethanol fell by 9,000 barrels per day to 909,000 barrels per day.
Upcoming Export Sales Data to Provide Insight
Export Sales data set to be released this Friday is expected to provide crucial insights, with projections for the 2024/25 crop totals ranging between 1.25 to 2.6 million metric tons (MMT). In contrast, sales for the 2025/26 crop year are anticipated to be between 0 to 100,000 metric tons.
Brazil Adjusts Corn Crop Estimates
In Brazil, the National Company of Supply (CONAB) has slightly raised its estimate for the 2024/25 corn crop by 0.07 MMT, resulting in a new total of 119.81 MMT in the latest update.
Current Corn Contract Prices
Dec 24 Corn: $4.20, down 6 1/2 cents
Nearby Cash: $3.95 1/2, down 6 1/2 cents
Mar 25 Corn: $4.32, down 5 1/2 cents
May 25 Corn: $4.39 1/2, down 4 3/4 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 are solely for informational purposes. For more information, please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
