Corn Pulls Gains Out of Midweek Session
Corn futures closed out the Wednesday session getting some spark higher. Contracts were fractionally to 4 cents higher across the board.
EIA data from this morning showed a 33,000 barrel per day bump in ethanol production during the week that ended on April 26 to 987,000 bpd. Despite the increase in output, stocks saw a draw of 245,000 barrels to 25.488 million barrels. Blender inputs of ethanol were at a 28-week high of 911,000 barrels per day.
Monthly Grain Crushings data showed 468.75 mbu of corn used for ethanol production during March. That was a 7.48% jump from last year, the largest March total since 2018, and 5.2% above February.
Estimates ahead of the Export Sales report on Thursday are for old crop sales of 650,000 MT to 1.3 MMT in the week that ended on 4/25. Bookings for new crop are up to 300,000 MT in that week.
May 24 Corn closed at $4.43 1/4, up 3 3/4 cents,
Nearby Cash was $4.29 1/8, up 2 1/8 cents,
Jul 24 Corn closed at $4.50 3/4, up 4 cents,
Dec 24 Corn closed at $4.72 3/4, up 3 1/4 cents,
New Crop Cash was $4.36 1/4, down 3/8 cent,
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.
