Corn Futures Experience Late-Day Bump Amid Export News
Corn futures dipped earlier in the day but saw some buying interest to recover from session lows. Contracts remained steady to 1 ¼ cents lower for nearby months, with new crops showing some gains. The national average Cash Corn price, according to cmdtyView, decreased by 1 ¼ cents to $4.58 1/4.
Significant Export Sale to Mexico and Upcoming USDA Report
This morning, the USDA announced a private export sale of 330,000 MT of corn to Mexico, scheduled for shipment in 2025/26. Ahead of Thursday’s USDA Export Sales report, trade estimates predict corn sales for the week ending January 30 could range from 0.85 to 1.5 MMT for the 2024/25 crop year, with anticipated sales of 0-100,000 MT for the 2025/26 crop year.
Ethanol Production and Stock Levels Show Increase
Recent EIA data indicated a rebound in ethanol production during the week of January 31. Production rose by 97,000 barrels per day, reaching 1.112 million bpd. Ethanol stocks also climbed, increasing by 690,000 barrels to total 26.412 million barrels. Refiner inputs for ethanol went up by 28,000 bpd to 860,000 bpd, although exports fell by 73,000 bpd to 106,000 bpd.
Record Corn Exports Highlight Strong Demand
Census data revealed that the US achieved its largest December corn export figure since 1989, totaling 5.445 MMT (214.36 mbu), marking it as the 4th largest December total ever recorded. This represents a 15.74% increase from the previous month. Additionally, December saw record distillers’ exports at 1.064 MMT, with ethanol exports also setting a monthly record of 194.4 million gallons.
International Demand: South Korea and Algeria Tender Corn
A South Korean importer has announced a tender to buy 140,000 MT of corn, with bids due this Thursday. Meanwhile, Algeria has also issued a tender for 240,000 MT of corn. According to ANEC, Brazilian corn exports are estimated at 1.03 MMT for February.
Corn Futures Close
Mar 25 Corn closed at $4.93 1/4, down 1 1/4 cents,
Nearby Cash was at $4.58 1/4, down 1 1/4 cents,
May 25 Corn closed at $5.04 3/4, unchanged,
Dec 25 Corn closed at $4.68 1/2, up 1/2 cent,
New Crop Cash was at $4.37 3/8, down 3/4 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 are solely for informational purposes. For more information please view the Barchart Disclosure Policy
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