Corn Posts Gains on Wednesday as Ethanol Output Rebounds
Corn prices rose Wednesday, with December futures at $4.22 (+2¼¢) and nearby cash at $3.80½ (+2¾¢). Ethanol production rebounded to 1.071 million bpd, stocks tightened to 22.72 million barrels, and exports increased to 138,000 bpd. Brazilian October corn exports are projected at 6 MMT, up from 5.67 MMT in 2024.
The corn market closed with gains across most contracts on Wednesday, with contracts 1 to 2 ¼ cents higher on the day. The CmdtyView national average Cash Corn price was up 2 ¾ cents at $3.80 1/2. The average close for December futures so far this month has been $4.20.
EIA data from this morning showed a total of 1.071 million barrels per day of ethanol production in the week ending on 10/3. That was a rebound of 76,000 bpd on the week. Stocks were still tightening, down 44,000 barrels to 22.72 million barrels. Ethanol exports were up 50,000 barrels to 138,000 bpd, as refiner inputs of ethanol were down 13,000 bpd to 892,000 bpd.
Export Sales data will not be reported on Thursday due to the government shutdown, though traders surveyed by Reuters were looking for 1.2-2 MMT of corn sold in the week of 10/2. ANEC estimates the Brazilian corn exports at 6 MMT for October, which would be an increase over the 5.67 MMT in October 2024.
Dec 25 Corn closed at $4.22, up 2 1/4 cents,
Nearby Cash was $3.80 1/2, up 2 3/4 cents,
Mar 26 Corn closed at $4.37 3/4, up 1 1/2 cents,
May 26 Corn closed at $4.46 1/4, up 1 cent.
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Source : BarChart
