Corn price action has thing starting on the lower side of unchanged so far on Thursday by 1 to 3 cents. Futures slipped up into the close running into some technical resistance, with nearbys down ¾ to 2 ½ cents and other contracts up ¼ to 2 ¾ cents. Preliminary open interest was up 32,389 contracts on Wednesday. There were 172 delivery issued against December corn futures overnight, all by a Marex customer. The national average Cash Corn price from cmdtyView was down a penny at $4.20.
Weekly EIA data showed ethanol production totaling 1.078 million barrels per day in the week of 12/6, a 5,000 bpd increase from the week prior. Ethanol stocks were 355,000 barrels below the week prior at 22.648 million barrels. Ethanol exports were down 3,000 barrels at 123,000 bpd, with refiner inputs up 10,000 barrels per day at 883,000 bpd.
Ahead of the weekly Export Sales report on Thursday, analysts are expecting to see 1.1 to 1.9 MMT of corn sold for 2024/25 in the week ending on 12/5. Another 0-100,000 MT is seen for 2025/26 shipment.
CONAB data was released this morning, showing expected Brazilian production at 119.63 MMT for the total corn crop, down 0.18 MMT from the month prior. That was solely due to the first crop, as the second crop corn projection was left unchanged at 94.63 MMT.
Dec 24 Corn closed at $4.38, down 2 1/2 cents, currently down 2 3/4 cents
Nearby Cash was $4.20, down 1 cent,
Mar 25 Corn closed at $4.48 1/4, down 3/4 cent, currently down 1 1/4 cents
May 25 Corn closed at $4.55 1/2, up 1/4 cent, currently down 1 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.
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