Corn Rallies Ahead of Turkey Day
Corn bulls were in rally mode on Wednesday, with contracts 7 to 8 cents higher ahead of the Thanksgiving break. Friday is first notice day for December futures. The CmdtyView national average Cash Corn price closed the day at $4.04. The market will be closed on Thursday for Thanksgiving, with a hard open at 8:30 CST on Friday and an early close.
USDA’s catchup continues on Friday, with the Export Sales report for the week ending on October 16 released that morning. Analysts are looking for corn bookings to have totaled 1.4-2.5 MMT for the current marketing year and 0.5 to 1 MMT for the next marketing year. USDA’s backlog of daily announcements pegged 1.59 MMT for 2025/26 and 548,640 MT for 2026/27 in that week.
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Weekly EIA data from this morning showed a total of 1.113 million barrels per day of ethanol production in the week ending on 11/21. That was a 22,000 bpd increase on the week and a near record total. Stocks of ethanol dropped 339,000 barrels to 21.968 million barrels. Ethanol exports were down 23,000 barrels per day to 122,000 bpd, with refiner inputs of ethanol down 3,000 bpd to 885,000 bpd.
Dec 25 Corn closed at $4.31 3/4, up 8 1/4 cents,
Nearby Cash was $4.04, up 17 cents,
Mar 26 Corn closed at $4.45 1/4, up 7 cents,
May 26 Corn closed at $4.53, up 6 1/4 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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