Corn Market Sees Mixed Trading Amid Export Sales Expectations

The corn market is currently trading with gains of 1 to 4 cents on Thursday morning. This comes after the previous day’s trading, where corn contracts experienced losses between 6 to 10 cents at the close, particularly in the front months. The CmdtyView national average Cash Corn price fell by 9 cents to $4.22 1/4.

Export Sales and Market Dynamics

As traders await the Export Sales report, expectations for old crop corn bookings range from 0.75 to 1.4 million metric tons (MMT) for the week ending March 6. New crop sales are anticipated to be between 0 and 100,000 metric tons.

Recent Ethanol Production Trends

According to the Weekly EIA data, ethanol production decreased by 31,000 barrels per day during the week ending March 7, totaling 1.062 million barrels per day. Ethanol stocks increased by 87,000 barrels, reaching 27.376 million barrels, with Midwest stocks hitting a record 11.537 million barrels. Meanwhile, refiner inputs for ethanol dropped by 13,000 barrels per day to 877,000, while gasoline product supplied (implied use) reached a season-high of 9.182 million barrels per day.

International Corn Purchases

Overnight, several South Korean importers secured a total of 262,000 metric tons of corn through tenders and private deals, with an additional 140,000 metric tons sought by another importer. Additionally, the Rosario Grains exchange reduced its corn estimate for Argentina by 1.5 MMT, now at 44.5 MMT.

Current Prices and Market Updates

As of the latest updates:

• March 25 Corn closed at $4.48 3/4, down 7 3/4 cents, currently up 1 1/4 cents.
• Nearby Cash was recorded at $4.22 1/4, down 9 cents.
• May 25 Corn closed at $4.60 3/4, down 9 1/2 cents, currently up 4 cents.
• December 25 Corn closed at $4.48 1/4, down 6 1/4 cents, currently up 1 cent.
• New Crop Cash stood at $4.12 5/8, down 6 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.

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