Corn futures closed out the Wednesday session with contracts down mostly 3 to 4 cents at the close. Traders are getting into position ahead of Friday’s reports. The national average Cash Corn price from cmdtyView was down 4 1/4 cents at $4.24 1/4.
Weekly EIA data showed a total of 1.102 million barrels per day of ethanol production in the week ending on January 3. That was down 9,000 bpd on the week. Stocks continued to build, up another 509,000 barrels (1.512 million in the last 3 weeks) to 24.148 million barrels. Refiner ethanol inputs were a main issue, dropping 80,000 barrels to 779,000 bpd. Exports were up 56,000 bpd at 155,000 bpd.
USDA will release their annual Crop Production report in Friday morning, with analysts surveyed by Reuters looking for a 0.4 bpa cut to yield at 182.7 bpa. Production is seen down 48 mbu to 15.095 bbu, as harvested acres are expected to see a slight reduction.
The weekly Export Sales report is delayed until Friday as the government offices will be closed Thursday for a National Day of Mourning for President Carter’s funeral. The markets will be closing at 12:15 pm CST on Thursday.
Three separate South Korean importers purchased a combined 337,000 MT of corn overnight, though origins are still to be determined.
Mar 25 Corn closed at $4.54, down 4 cents,
Nearby Cash was $4.24 1/4, down 4 1/4 cents,
May 25 Corn closed at $4.62 1/4, down 3 1/2 cents,
Jul 25 Corn closed at $4.65 1/4, down 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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