Corn Weakness Extends into the Close as Ethanol Production Backs Off
Corn slid lower on Wednesday, as contracts closed with losses of 1 to 2 ½ cents in the nearby contracts on the day. The national average Cash Corn price from cmdtyView was down 2 cents at $4.03 1/2.
The weekly EIA report showed ethanol production dropping off last week’s record by 46,000 barrels per day to 1.073 million bpd. Stocks were up 134,000 barrels to 23.003 million barrels, as exports were down 32,000 bpd to 126,000 bpd and refiner ethanol inputs dropped 17,000 bpd to 873,000 bpd.
Export Sales estimates ahead of Thursday morning’s report are calling for between 0.75 and 1.5 MMT in 2024/25 corn bookings for the week of 11/28, with 0-200,000 MT for 2025/26 sales.
Algeria issued a tender for 240,000 MT of corn, due Thursday. Mexico’s economy minister expects to have a resolution on the dispute under the USMCA in regards to import restrictions on GMO corn by December 14.
Dec 24 Corn closed at $4.22, down 1 1/4 cents,
Nearby Cash was $4.03 1/2, down 2 cents,
Mar 25 Corn closed at $4.30, down 2 1/4 cents,
May 25 Corn closed at $4.35 1/2, down 2 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 here.