Corn Trade Holds Steady on Wednesday
Corn futures closed out the Wednesday session with most contracts within ½ cent of unchanged, as just nearby Dec was up ¼ cent. The national average Cash Corn price from cmdtyView was steady today at $3.88 1/4 per bu.
USDA reported a private export sale of 126,000 MT of 24/25 corn to unknown destinations this morning. Ahead of the Thursday morning Export Sales report, traders surveyed by Reuters expect to see between 0.9 to 1.7 MMT in corn bookings for 2024/25 during the week that ended on 10/3.
Weekly EIA data showed an increase of 23,000 barrels per day in the week that ended on October 4 to 1.038 million bpd. Despite the increased production, stocks fall 1.305 million barrels to 22.154 million barrels, which is the largest weekly draw since January. Refiner inputs of ethanol were up 4,000 bpd to 912,000 bpd, as gasoline product supplied (implied use) was the largest since December 2021 at 9.65 million barrels per day.
A Bloomberg survey of traders shows corn yield expected at 183.5 bushel per acre ahead of Friday’s Crop Production report, which would be slightly lower than the 183.6 bpa in September. That would peg production at 15.73 billion bushels, down 13 mbu from last month.
Dec 24 Corn closed at $4.21, up 1/4 cent,
Nearby Cash was $3.88 1/4, unch,
Mar 25 Corn closed at $4.38, down 1/4 cent,
May 25 Corn closed at $4.47 1/4, down 1/4 cent,
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.