Corn Rallies to Close Wednesday, with Robust Ethanol Output
Despite the early session losses in the corn market, futures ended the day with contracts up 2 to 7 ¾ cents. The US dollar index was up 1.731 to 105.055 following the outcome of the Presidential election that saw President Trump elected again to the White House. The national average Cash Corn price from cmdtyView was up 8 3/4 cents at $3.99 3/4 per bu.
EIA released their weekly Petroleum Status Report, showing ethanol production increasing to nearly a record 1.105 million barrels per day in the week ending on November 1, up 23,000 bpd from the week prior. Ethanol stocks were up 249,000 barrels to 22.02 million barrels on the increased supply. Refiner production was back down 4,000 barrels to 918,000 per day, as exports were up 49,000 bpd at 109,000 bpd.
Export Sales estimates ahead of the Thursday AM report are for 1.7 to 2.5 MMT of corn sold in the week of 10/31 for 2024/25. Sales for 2025/26 are seen at 0 to 50,000 MT.
The WASDE report on Friday is expected to show corn ending stocks for the US at 1.946 bbu, which would be down 53 mbu from last month’s estimate. The range of estimates is 1.828 to 2.071 bbu. World corn carryout is expected to be down 0.82 MMT to 305.7 MMT.
Dec 24 Corn closed at $4.26 1/4, up 7 3/4 cents,
Nearby Cash was $3.99 3/4, up 8 3/4 cents,
Mar 25 Corn closed at $4.39, up 7 cents,
May 25 Corn closed at $4.45 3/4, up 6 3/4 cents,
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Source Link : https://www.barchart.com/story/news/29435963/corn-rallies-to-close-wednesday-with-robust-ethanol-output
