The corn market is showing some unwinding of the recent bull spreading at midday, with nearby contracts down fractionally. New crop December is up 1 ½ cents. The front month CmdtyView national average Cash Corn price is down 3/4 cent at $4.40 3/4.
EIA data from this morning showed a 42,000 barrel per day drop in ethanol production during the week of April 4 to 1.021 million bpd. Even with the lower output, stocks were building by another 422,000 barrels to 27.034 million barrels. Exports saw a 112 bpd increase on the were to 174,000 bpd, though refiner inputs of ethanol dropped off by 26,000 bpd to 872,000 bpd.
Export Sales data is expected to show between 0.7 and 1.3 MMT in old crop corn sales in the week of 4/3. Sales for the 2025/26 are seen at 0-150,00 MT.
The USDA will release their monthly WASDE report on Thursday morning, with traders looking for a cut to the US ending stocks projection by 30 mbu on average at 1.51 bbu. The range of estimates is a relatively wide 1.405 to 1.605 bbu. South American estimates are expected to be trimmed, with Argentina estimated down 0.7 MMT from March at 49.3 MMT and 125.91 MMT for Brazil vs. 126 MMT in March.
May 25 Corn is at $4.68 1/4, down 3/4 cent,
Nearby Cash is at $4.40 3/4, down 3/4 cent,
Jul 25 Corn is at $4.75, up 1/4 cent,
Dec 25 Corn is at $4.47 1/4, up 1 1/2 cents,
New Crop Cash is at $4.10 1/4, up 3/4 cent,
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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