Corn Closes Red Following Drop to Ethanol Production

Corn futures extended the front month losses into the close, as contracts through Dec were down 2 to 5 ¼ cents. For 2025 contracts and beyond, trade closed with contracts with in 1 ¾ cents on either side of unchanged.

EIA’s weekly petroleum report tallied ethanol production at 954,000 barrels per day in the week that ended on April 19. That was a 29,000 bpd drop on the week and takes the two-week drop to 102,000 bpd. Stocks were pegged at 25.733 million barrels, down 347,000 barrels from the week prior and the third weekly draw in a row. 

Export Sales data released on Thursday morning is expected to show 400,000 to 900,000 MT of old crop corn booked in the week of 4/18. New crop sales are seen at 25,000 to 350,000 MT in total during that week. 

May 24 Corn  closed at $4.37 3/4, down 5 1/4 cents,

Nearby Cash  was $4.22 3/8, down 5 cents,

Jul 24 Corn  closed at $4.48 1/2, down 4 cents,

Dec 24 Corn  closed at $4.72 3/4, down 2 cents,

New Crop Cash  was $4.36 1/4, down 2 1/4 cents,

On the date of publication, Alan Brugler 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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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