Corn futures are showing 1 to 3 ¼ cent losses so far on Wednesday morning, fading off the early morning pop in prices. CmdtyView’s national average Cash Corn price is down 1 1/4 cents at $4.46 3/4.
The Wednesday morning EIA report indicated ethanol production down just 3,000 barrels per day in the week that ended on February 21 at 1.081 million barrels per day. Stocks saw the largest weekly build since January 2023, up 1.353 million barrels to 27.571 million barrels. Much of that build came via the Midwest, at the largest on record of 11.16 million barrels, with the Gulf up 540,000 barrels.
Export Sales data is will be released on Thursday morning, with traders surveyed by Reuters looking for 0.9-1.65 MMT in old crop corn bookings during the week of 2/20. New crop sales are estimated at 0-100,000 MT.
A South Korean importer purchased a total of 68,000 MT of corn from the US in a tender overnight.
Mar 25 Corn is at $4.78 1/4, down 1 1/2 cents,
Nearby Cash is at $4.46 3/4, down 1 1/4 cents,
May 25 Corn is at $4.94, down 1/4 cent,
Dec 25 Corn is at $4.66 3/4, down 3 1/4 cents,
New Crop Cash is at $4.35 1/2, 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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