Corn futures are feeling pressure on Wednesday, with contracts down 5 to 6 cents at midday. The national average Cash Corn price from cmdtyView is down 5 ¾ cents at $4.09 ½.
The USDA reported a private export sale of 135,000 MT of corn to Columbia this morning for 2024/25 shipment.
EIA reported ethanol production totaling 1.103 million barrels per day in the week ending on December 13, a 25,000 bpd increase from the week prior. Ethanol stocks were down 12,000 barrels to 22.636 million barrels as of last Friday. Exports in that week totaled 163,000 barrels per day, a 40,000 bpd increase, as refiner inputs were up 20,000 bpd to 903,000 bpd.
Export Sales data will be released on Thursday morning, with estimates of 0.8 to 1.6 MMT for 2024/25 corn sales, with 0-100,000 MT for 2025/26 sales.
A US government funding bill is expected to have a plan to allow E15 sales year around, shifting from the sales being blocked in the summer months.
Mar 25 Corn is at $4.37 3/4, down 5 3/4 cents,
Nearby Cash is at $4.09 1/2, down 5 3/4 cents,
May 25 Corn is at $4.44 1/4, down 5 3/4 cents,
Jul 25 Corn is at $4.47 3/4, down 5 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.
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