Corn Slips Lower on Wednesday as Ethanol Production Drops
Corn futures ended lower on Wednesday, with losses of 3 to 6 cents. Ethanol production for the week ending August 2 was 1.067 million barrels per day, down from the previous record, while ethanol stocks fell by 206,000 barrels to 23.767 million. Exports rose to 210,000 barrels per day. Traders anticipate 100,000 to 400,000 MT of 2023/24 corn export sales. The September 24 corn contract closed at $3.83 1/4, down 5 1/2 cents.
Corn closed out the Wednesday session with contracts failing to post much strength. The CBoT saw futures end the day with losses of 3 to 6 cents across most nearby contracts.
The weekly EIA report showed ethanol production in the week ending on August 2 at 1.067 million barrels per day. That was down 42,000 barrels per day from the previous week’s record total. Stocks of ethanol were down 206,000 barrels at 23.767 million barrels, as exports were a near record 210,000 barrels per day in that week.
Traders are expecting to see a range of 100,000 to 400,000 MT of 2023/24 corn export sales during the week that ended on August 1. For the 2024/25 marketing year, sales are estimated to be between 475,000 MT to 1 MMT in that week.
Estimates ahead of next Monday’s Crop Production report are showing average yield expectations at 182.1 bpa according to a Reuters survey of analysts, above the 181 from the previous WASDE reports. Production is expected to be increased just slightly, but 12 mbu, as acreage estimates are seen nearly 471,000 acres lower.
Sep 24 Corn closed at $3.83 1/4, down 5 1/2 cents,
Nearby Cash was $3.72 7/8, down 6 1/4 cents,
Dec 24 Corn closed at $4.00 3/4, down 4 1/2 cents,
Mar 25 Corn closed at $4.18, down 4 1/4 cents,
New Crop Cash was $3.64 5/8, down 5 1/4 cents,
Source Link : https://www.barchart.com/story/news/27898471/corn-slips-lower-on-wednesday-as-ethanol-production-drops
Recommended for you
