Corn futures are posting midweek strength, as contracts are up 2 to 4 cents across most contracts on Wednesday. The cmdtyView national average Cash Corn price is up 3 1/2 cents at $4.53 1/4.
USDA reported a private export sale of 130,320 MT of corn to unknown destinations for 2024/25 this morning. Ahead of the weekly Export Sales report on Thursday, the trade is expecting to see a total of 0.8-1.7 MMT in sales for 2024/25 in the week of 2/6. Sales for new crop as seen in a range of 0-500,000 MT.
The weekly EIA report showed a total of 1.082 million barrels per day of ethanol produced in the week that ended on February 7. That was a drop of 30,000 bpd in that week. Stocks saw a drawdown by 720,000 barrels to 25.692 million barrels, as exports in that week rose 44,000 barrels per day to 150,000 bpd. There may be more on the way, with Gulf stocks the largest since March 2023. Refiner inputs of ethanol slipped back 6,000 bpd to 854,000 bpd, even as gasoline product supplied (implied use) was the largest since before Christmas at 8.576 million bpd.
Overnight, a South Korean importer issued a tender for 140,000 MT of corn, with a Thursday deadline given.
Mar 25 Corn is at $4.87 1/2, up 3 1/2 cents,
Nearby Cash is at $4.53 1/4, up 3 1/2 cents,
May 25 Corn is at $5.01 1/4, up 3 1/4 cents,
Dec 25 Corn is at $4.72 1/4, up 2 cents,
New Crop Cash is at $4.39 1/4, up 1 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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