Corn futures are trading with 2 to 3 cent gains so far on the Wednesday session, pulling off the overnight weakness. The national average Cash Corn price from cmdtyView is up by 2 ¼ cents at $3.81 1/4 per bu.
USDA reported a private export sale of 180,000 MT of corn to Mexico this morning via the daily reporting system. The weekly Export Sales report will be released Thursday morning, with traders expecting to see between 0.6 to 1.3 MMT in bookings during the week of 9/19.
Weekly EIA data showed a rather large drop in ethanol production of 55,000 barrels per day during the week that ended on September 20 to 994,000 barrels per day. That was the lowest production total since early May. Stocks dropped 261,000 barrels to 23.524 million barrels. Refiner inputs of ethanol was down 8,000 per day to 900,000 barrels, as gasoline product supplied was up a sharp 4.89% to 9.205 million barrels per day.
Next Monday will be the USDA Grain Stocks report, signaling the final stocks total for the 2023/24 marketing year. Traders surveyed by Reuters are expecting to see 1.844 bbu, with a range of 1.655 to 2.017 bbu and USDA at 1.812 bbu in the September WASDE.
The Buenos Aires Grain Exchange expects the 2024/25 Argentine corn crop to total 47 MMT. USDA was at 51 MMT in the September WASDE.
Dec 24 Corn is at $4.14 1/4, up 2 1/2 cents,
Nearby Cash is at $3.81 1/4, up 2 1/4 cents,
Mar 25 Corn is at $4.33, up 2 1/4 cents,
May 25 Corn is at $4.43 1/4, up 2 cents,
New Crop Cash is at $3.81 1/4, up 2 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
