Corn Falling to Start Midweek Trade
Corn is showing 1 to 2 ½ cent losses so far on Wednesday AM trade. The corn market ended the Tuesday session with losses after a stronger overnight session. Contracts were down fractionally to 1 ¼ cents on the day. There were 111 deliveries issued against December corn futures overnight to take the total since FND to 444. The national average Cash Corn price from cmdtyView was up ¼ cent at $4.05 1/2.
A report on Tuesday initially indicated there wouldn’t be a finalization of guidance for the 45Z Clean Fuel Production tax before the Biden administration left office. Later in the day, according to a DTN report, clarification from the Treasury Department indicated there would be guidance before they left office.
USDA’s Grain Crushing report for October grind showed 460.49 mbu of corn used in ethanol production during the month. That was down 0.4% from last year but a 3% hike from the previous month (note correction).
Dec 24 Corn closed at $4.23 1/4, down 1 1/4 cents, currently down 1 3/4 cents
Nearby Cash was $4.05 1/2, up 1/4 cent,
Mar 25 Corn closed at $4.32 1/4, down 1/4 cent, currently down 2 1/4 cents
May 25 Corn closed at $4.38, down 1 cent, currently down 2 1/4 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 is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.