Corn is trading with fractional to 1 ½ cent losses so far on Friday morning. The corn market posted fractional gains in the front months on Thursday, as new crop December was 3 cents higher at the close. Preliminary open interest was down 2,395 overall on Thursday, with 29,410 contracts down in the March ahead of today’s options expiration. The CmdtyView national average Cash Corn price is up a penny at $4.66 1/2.
The EIA report from Thursday morning showed a total of 1.084 million barrels of ethanol production in the week of February 14. That was up 2,000 bpd in that week. Stocks were also on the rise, with a build of 526,000 barrels to 26.218 million barrels. Refiner inputs of ethanol were down 4,000 bpd to 850,000 bpd, with ethanol exports slipping 12,000 bpd to 138,000 bpd.
Export Sales data will be out soon this morning, with analysts estimating 0.9 to 1.6 MMT in 2024/25 sales for the week ending on 2/13. New crop sales are expected to be 0-200,000 MT.
The International Grains Council cut their world corn production total by 3 MMT on Thursday, with consumption also trimmed and stocks up 3 MMT to 275 MMT. The Buenos Aires Grains Exchange estimates the Argentina corn crop at 19% excellent, improved by 3% from the week prior, all switching from the poor category at 30%.
Mar 25 Corn closed at $4.98, up 1/2 cent, currently down 3/4 cent
Nearby Cash was $4.65 1/4, up 3/4 cent,
May 25 Corn closed at $5.12 3/4, up 1/2 cent, currently down 1 cent
Dec 25 Corn closed at $4.79 1/2, up 3 cents, currently down 1 1/4 cents
New Crop Cash was $4.48, up 3 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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