Corn price action is fractionally to 1 ½ cents in the green so far on Thursday morning. Futures fell further into the Wednesday close, with pressure from losses in wheat. Contracts were down 3 to 5 cents. Wednesday’s preliminary open interest was down 3,968 contracts, with September down 35,003 contracts ahead of first notice day on Friday. The CmdtyView national average Cash Corn price was down 4 1/4 cents at $3.64 1/2.
EIA’s weekly report showed ethanol production slipping 2,000 barrels per day in the week that ended on August 22 at 1.07 million barrels per day. Ethanol stocks were down 139,000 barrels to 22.549 million barrels. Exports slipped 51,000 bpd to 121,000 bpd, with refiner inputs of ethanol up 7,000 bpd to 932,000 bpd.
Analysts estimate the 2024/25 bookings in the week of 8/21 at net reductions of 200,000 MT to 150,000 MT in sales. New crop business is pegged to be 1.2 to 2.6 MMT in that week. The report will be released shortly.
Sep 25 Corn closed at $3.82 1/2, down 5 cents, currently up 1 1/2 cents
Nearby Cash was $3.64 1/2, down 4 1/4 cents,
Dec 25 Corn closed at $4.06, down 3 1/2 cents, currently up 3/4 cent
Mar 26 Corn closed at $4.23 1/4, down 3 1/4 cents, currently up 1/2 cent
New Crop Cash was $3.62, down 5 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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