Corn Falls Lower Despite Record Ethanol Production
Corn prices dropped on Thursday, with losses across contracts ranging from 2 to 7 ½ cents. The national cash price fell 7 ¼ cents to $3.94 ½ per bushel. Ethanol production reached a record high at 1.113 million barrels per day, up slightly from the prior week, while stocks rose modestly. Export sales are expected to range between 1.25 to 2.6 million metric tons for the 2024/25 crop. Brazil’s corn crop estimate for 2024/25 increased marginally to 119.81 million metric tons.
Corn was in a risk off approach on Thursday, joining most of the other commodities. Contracts closed with losses of 2 to 7 ½ cents across the board. The national average Cash Corn price from cmdtyView was down 7 1/4 cents at $3.94 1/2 per bu.
Weekly data from the EIA showed ethanol production at 1.113 million barrels per day during the week of 11/8, up 8,000 bpd from the previous week and an all-time record. Despite the improved output, stocks were only up 19,000 barrels to 22.039 million barrels. Exports were up 35,000 bpd on the week at 144,000 bpd, with refiner inputs of ethanol down 9,000 bpd at 909,000 bpd.
Export Sales data will be reported on Friday morning, with the 2024/25 crop totals seen in a range of 1.25 to 2.6 MMT, with sales for 2025/26 expected at 0-100,000 MT.
Brazil’s CONAB raised their 2024/25 Brazilian corn crop estimate just slightly, by 0.07 MMT, to 119.81 MMT in this month’s update.
Dec 24 Corn closed at $4.19, down 7 1/2 cents,
Nearby Cash was $3.94 1/2, down 7 1/4 cents,
Mar 25 Corn closed at $4.30 3/4, down 6 3/4 cents,
May 25 Corn closed at $4.38 1/4, down 6 cents.
To read more about Ethanol Industry News, continue reading Agriinsite.com
Source Link : Bar Chart
Recommended for you
