Corn Slips Despite Export Business and Solid Ethanol Data
Corn futures showed mixed results at the close on Wednesday, with nearby contracts experiencing declines of up to 2¼ cents. The average close for December corn futures in October was $4.16, significantly below the February base insurance price. USDA reported export sales of 273,048 MT for 2024/25, while ethanol production rose slightly to 1.082 million barrels per day. Ethanol stocks fell to their lowest in 11 months, and exports dropped to 60,000 barrels per day.
Corn futures ended the Wednesday session with contracts mixed across the board, but nearbys leading the weakness, down ½ to 2 ¼ cents. The average close for December corn futures so far in October has been $4.16. That is 50 cents below the February base insurance price. The national average Cash Corn price from cmdtyView was down 2 cents at $3.80 ¾ per bu.
USDA reported private export sales of 273,048 MT during the ‘reporting period’ this morning, all to unknown destinations for 2024/25 shipment.
EIA data from this morning showed ethanol production improving by 1,000 barrels per day in the week of 10/25 to 1.082 million bpd. Stocks of ethanol saw a draw of 452,000 barrels to 21.771 million barrels, which was the lowest in 11 months. Ethanol exports were down 46,000 bpd from the week prior at 60,000 bpd, with refiner inputs rising 7,000 bpd to 922,000 bpd.
Export Sales data is expected to total 1.8 to 3.5 MMT for 2024/25 sales in the week that ended on October 24. Sales for 2025/26 are seen in a range of 0-500,000 MT.
Dec 24 Corn closed at $4.11 1/2, down 2 1/4 cents,
Nearby Cash was $3.80 3/4, down 2 cents,
Mar 25 Corn closed at $4.25 1/2, down 1 1/2 cents,
May 25 Corn closed at $4.33 3/4, down 1 1/4 cents.
Source Link : https://www.nasdaq.com/articles/corn-slips-despite-export-business-and-solid-ethanol-data
