Corn Sliding Despite Export Sale and Record Ethanol Grind
Corn futures are down 2 to 4 cents at midday, with a wetter forecast for next week influencing the market. NOAA’s 7-day QPF predicts 1-2 inches of rain for major corn states. A private sale of 104,572 MT of 2024/25 corn was announced. The EIA’s weekly report shows a record ethanol production of 1.109 million barrels per day, with stocks up by 250,000 barrels to 23.973 million.
Current Prices:
Sep 24 Corn: $3.85 1/2 (-3 1/4 cents)
Dec 24 Corn: $4.02 (-3 cents)
Corn futures are trading with 2 to 4 cent losses at midday, off the morning lows, but still not reacting to the bull friendly data from earlier in the day. A wetter outlook for the next week is weighing on the market. NOAA’s 7-day QPF shows 1-2 inch totals for much of MN, WI, IA, IL, IN, and OH.
A private export sale of 104,572 MT of 2024/25 corn was announced this morning to unknown destinations.
EIA’s weekly Petroleum Status report tallied US ethanol production at 1.109 million barrels per day in the week that ended on July 26. That was up 14,000 bpd from the week prior and a record for any week since EIA kept track starting in 2010. Refiner inputs were up just 1,000 bpd to 919,000 bps, with exports up 1,000 at 58,000 bpd. That caused stocks to rise 250,000 barrels to 23.973 million. Most of that stock increase was in the Midwest, up 420,000 barrels, with the East Coast down 81,000 barrels and the Gulf dropping 292,000 barrels.
Sep 24 Corn is at $3.85 1/2, down 3 1/4 cents,
Nearby Cash is at $3.75 1/4, down 3 3/4 cents,
Dec 24 Corn is at $4.02, down 3 cents,
Mar 25 Corn is at $4.17 3/4, down 2 1/2 cents,
New Crop Cash is at $3.63, down 3 3/4 cents,
Source Link : https://www.barchart.com/story/news/27731782/corn-sliding-despite-export-sale-and-record-ethanol-grind
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