Corn Prices Decline Despite Export Sales and Ethanol Demand

Corn is trading lower, with midday losses ranging from 3 to 5 cents, even amid export activity and increased ethanol demand. The front month CmdtyView national average Cash Corn price stands at $4.20, down by 5 cents.

This morning, the USDA announced private export sales, reporting 104,000 metric tons sold to Mexico and 101,096 metric tons to unspecified destinations, both for the 2024/25 shipping period.

The recently delayed EIA report indicated a rise in ethanol production, increasing by 20,000 barrels per day to 1.056 million bpd for the week ending May 23, marking the highest level in eight weeks. Ethanol stocks decreased by 663,000 barrels to 24.281 million barrels. Additionally, refiner inputs for ethanol rose by 20,000 bpd to 939,000 bpd, coinciding with the largest gasoline product supplied since October at 9.452 million barrels per day.

A Federal trade court ruled late Wednesday that President Trump’s tariffs on imports were illegal, stating he exceeded his authority. The court has allowed 10 days for the President to initiate a process to end the tariffs, while the White House is appealing this ruling.

The corn Export Sales data will be released on Friday, with expectations for corn business totaling between 0.75 to 1.4 MMT for 2024/25 and 25,000 to 400,000 MT for the new crop.

Jul 25 Corn is priced at $4.46, down 5 cents.

Nearby Cash is at $4.20, down 5 cents.

Sep 25 Corn is at $4.26 1/2, down 3 1/4 cents.

Dec 25 Corn is at $4.40 1/4, down 3 1/4 cents.

New Crop Cash is at $3.99 1/2, down 3 1/2 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 is solely for informational purposes. For more information please view the Barchart Disclosure Policy
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