Corn Weaker at Midday
Corn futures are showing 2 to 3 cent losses in most contracts at Wednesday’s midday. The CmdtyView national average Cash Corn price is down 2 ¼ cents at $4.21 ½.
The weekly EIA report showed ethanol production dropping back 52,000 barrels per day in the week that ended on March 21 to 1.053 million bpd. Even with the output slowdown, stocks were back to building, up 775,000 barrels to 27.35 million barrels, mainly in the Midwest region. That came as exports were up 53,000 bpd to 164,000 bpd, with refiner ethanol inputs pulling back 18,000 bpd to 878,000 bpd.
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Quarterly Grain Stocks data will be released on Monday, with the trade looking for 8.153 bbu of corn on hand as of March 1. That comes with a range of estimates of 8.06 to 8.311 bbu according to the Bloomberg survey.
Overnight, a Taiwan importer purchased 65,000 MT of corn in a tender, with US the expected origin. Another South Korean importer tendered for 280,000 MT of corn.
May 25 Corn closed at $4.55 1/4, down 2 1/2 cents,
Nearby Cash was $4.21 1/2, down 2 1/4 cents,
Jul 25 Corn closed at $4.62 1/2, down 2 3/4 cents,
Dec 25 Corn closed at $4.46 3/4, down 2 1/4 cents,
New Crop Cash was $4.09 1/1, down 3 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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