Corn Posts Wednesday Strength as Robust Ethanol Production Continues
Corn futures rose on Wednesday, gaining 1 1/4 to 3 cents due to strong ethanol output and wheat market support. Ethanol production remained high, with 1.11 million barrels per day, while stocks rose to 22.563 million barrels. December 2024 Corn closed at $4.30 1/4, up 3 cents, with nearby cash prices also rising to $4.07 3/4.
The corn market rallied off early session lows on Wednesday, with contracts closing the day up 1 1/4 to 3 cents. Near record ethanol output and continued spillover strength in wheat helped. The national average Cash Corn price from cmdtyView was up 3 cents at $4.07 3/4 per bu.
EIA data from this morning showed ethanol production backing off modestly from the week prior’s record in the week of November 15. That was down 3,000 barrels per day at 1.11 million bpd, which is still the second largest weekly production total all time. That helped to push ethanol stocks up 524,000 barrels to 22.563 million barrels. Ethanol exports were steady at 144,000 barrels per day, with refiner inputs backing off by 17,000 bpd at 892,000 bpd.
Export Sales data will be updated on Thursday morning, with analysts expecting to see 1 to 2.2 MMT of 2024/25 corn sold in the week ending on November 14, with 0-100,000 MT expected for 2025/26 sales.
Dec 24 Corn closed at $4.30 1/4, up 3 cents,
Nearby Cash was $4.07 3/4, up 3 cents,
Mar 25 Corn closed at $4.40, up 2 1/4 cents,
May 25 Corn closed at $4.47, up 1 3/4 cents.
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Source Link : Nasdaq
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