Midday Corn Futures Decline Amid Mixed Ethanol Production Data
Corn futures are experiencing losses of 2 to 3 cents across most contracts as of Wednesday’s midday trading. The CmdtyView national average cash corn price has dropped by 2 ¼ cents, settling at $4.21 ½ per bushel.
The weekly Energy Information Administration (EIA) report indicated that ethanol production fell by 52,000 barrels per day for the week ending March 21, totaling 1.053 million bpd. Despite this reduction in output, ethanol stocks have risen, with an increase of 775,000 barrels to reach 27.35 million barrels, primarily in the Midwest region. Exports have also shown improvement, increasing by 53,000 bpd to 164,000 bpd, while refiner ethanol inputs decreased by 18,000 bpd, now at 878,000 bpd.
Upcoming Grain Stocks Data
The Quarterly Grain Stocks report is set to be released on Monday, with analysts anticipating a total of 8.153 billion bushels (bbu) of corn in reserves as of March 1. Estimates range from 8.06 to 8.311 bbu according to a Bloomberg survey.
Additionally, an importer from Taiwan recently secured a tender for 65,000 metric tons (MT) of corn, expected to be sourced from the United States. In another development, a South Korean importer has tendered for 280,000 MT of corn.
Market Closing Prices:
- May 25 Corn: Closed at $4.55 1/4, down 2 1/2 cents
- Nearby Cash: $4.21 1/2, down 2 1/4 cents
- Jul 25 Corn: Closed at $4.62 1/2, down 2 3/4 cents
- Dec 25 Corn: Closed at $4.46 3/4, down 2 1/4 cents
- New Crop Cash: $4.09 1/1, down 3 cents
On the publication date, Austin Schroeder did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The information and data contained herein are for informational purposes only. For more details, please see the Barchart Disclosure Policy here.
The views and opinions expressed here are solely those of the author and do not necessarily represent those of Nasdaq, Inc.
