
Despite the early overnight losses, corn futures are putting on a midday rally, with contracts up 5 to 7 cents. The US dollar index is up 1.696 to 105.020 following the outcome of the Presidential election that saw President Trump elected. The national average Cash Corn price from cmdtyView is up 7 cents at $3.97 3/4 per bu.
EIA released their weekly Petroleum Status Report, showing ethanol production increasing to nearly a record 1.105 million barrels per day in the week ending on November 1, up 23,000 bpd from the week prior. Ethanol stocks were up 249,000 barrels to 22.02 million barrels on the increased supply. Refiner production was back down 4,000 barrels to 918,000 per day, as exports were up 49,000 bpd at 109,000 bpd.
Export Sales estimates ahead of the Thursday AM report are for 1.7 to 2.5 MMT of corn sold in the week of 10/31 for 2024/25. Sales for 2025/26 are seen at 0 to 50,000 MT.
USDA will release updated Crop Production data on Friday, with an average trade estimate via a Reuters survey of analysts at 183.7 bushel per acre on yield down 0.1 bpa from last month, with a range from 182.5 to 185. Production estimates are seen at 15.189 billion bushels, and a range of 15.075 to 15.3 bbu.
The WASDE report is expected to show corn ending stocks for the US at 1.946 bbu, which would be down 53 mbu from last month’s estimate. The range of estimates is 1.828 to 2.071 bbu.
Dec 24 Corn is at $4.24 3/4, up 6 1/4 cents,
Nearby Cash is at $3.97 3/4, up 7 cents,
Mar 25 Corn is at $4.37 1/4, up 5 1/4 cents,
May 25 Corn is at $4.44, up 5 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.