Corn futures collapsed lower on Wednesday, with contracts closing down 4 to 6 cents. December settled the day at $3.99 ¾.
A private export sale of 104,572 MT of 2024/25 corn was announced this morning to unknown destinations. Export Sales data estimates are running 275,000 MT to 600,000 MT for old crop corn in the week ending on July 25. New crop bookings are expected to total 400,000 to 800,000 MT for that week.
EIA’s weekly Petroleum Status report tallied US ethanol production at 1.109 million barrels per day in the week that ended on July 26. That was up 14,000 bpd from the week prior and a record for any week since EIA kept track starting in 2010. Refiner inputs were up just 1,000 bpd to 919,000 bps, with exports up 1,000 at 58,000 bpd. That caused stocks to rise 250,000 barrels to 23.973 million. Most of that stock increase was in the Midwest, up 420,000 barrels, with the East Coast down 81,000 barrels and the Gulf dropping 292,000 barrels.
Sep 24 Corn closed at $3.82 3/4, down 6 cents,
Nearby Cash was $3.73 3/4, down 6 1/4 cents,
Dec 24 Corn closed at $3.99 3/4, down 5 1/4 cents,
Mar 25 Corn closed at $4.15 3/4, down 4 1/2 cents,
New Crop Cash was $3.61 5/8, down 6 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.
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