Corn futures are extending the strength into the midweek session as contracts are up 2 ¾ to 3 ¼ cents in the nearbys. The national average Cash Corn price from cmdtyView is up 2 3/4 cents at $3.99 1/4 per bu.
The weekly EIA report showed ethanol production at 1.015 million barrels per day during the week that ended on September 27. That was a 21,000 bpd increase from the week prior. Stocks were down 65,000 barrels at 23.459 million barrels. Refiner inputs were back up 8,000 bpd to 908,000 bpd, with exports up 15,000 to 102,000 bpd.
The monthly Grain Crushing report from NASS showed 472.7 mbu of corn used in ethanol production during August. That was down 2.3% from July after a revision higher and up 7.02% from August 2023. Full marketing year corn grind totaled 5.471 bbu, compared to the 5.465 bbu USDA estimate earlier this month.
StoneX estimates the first corn crop out of Brazil at 24.87 MMT, slightly below their previous estimate. For the US, they raised their yield estimate by 1.1 bpa to 184 bpa. That pushed the total projected US production to 15.222 bbu, up 95 mbu from their previous number.
Dec 24 Corn is at $4.31 3/4, up 2 3/4 cents,
Nearby Cash is at $3.99 1/4, up 2 3/4 cents,
Mar 25 Corn is at $4.49 3/4, up 3 1/4 cents,
May 25 Corn is at $4.58 3/4, up 3 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.
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