Corn Rallies on Wednesday, Despite Drop in Ethanol Production
Corn futures rallied, closing 5 to 12 cents higher, with the national average Cash Corn price up 11 1/2 cents to $4.61 1/4. The EIA report for the week ending January 24 showed a decline in ethanol production and stocks, while refiner inputs increased. USDA’s Export Sales report is expected to show 0.85 to 1.8 MMT of corn sold.
Corn futures rallied on Wednesday, with contracts closing 5 to 12 cents higher on the session. The national average Cash Corn price from cmdtyView was up 11 1/2 cents at $4.61 1/4. Mexico’s president stated that she does not believe the US will impose tariffs on February 1 as President Trump has previously indicated.
This morning’s EIA report showed ethanol production dropping 84,000 barrels per day in the week ending on January 24 to 1.015 million bpd. Ethanol stocks, which had been building, were back down 152,000 barrels to 25.722 million barrels. Refiner inputs of ethanol were up 4,000 to 832,000 bpd.
USDA’s Export Sales report will be back on schedule this week with traders looking for tomorrow morning’s report to show 0.85 to 1.8 MMT of 2024/25 corn sold in the week ending on January 23.
Mar 25 Corn closed at $4.97, up 11 3/4 cents,
Nearby Cash was $4.61 1/4, up 11 1/2 cents,
May 25 Corn closed at $5.07 1/2, up 11 1/2 cents,
Dec 25 Corn closed at $4.66 3/4, up 5 3/4 cents,
New Crop Cash was $4.37 1/1, up 5 3/4 cents.
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Source : Nasdaq.com
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