Corn Weakness Extends into the Close as Ethanol Production Backs Off
Corn futures declined on Wednesday, with nearby contracts losing 1 to 2 ½ cents. The national average cash price dropped 2 cents to $4.03 1/2. Ethanol production fell by 46,000 barrels per day, while stocks increased. Export sales for 2024/25 corn are projected at 0.75-1.5 MMT, and Algeria tendered 240,000 MT. December corn closed at $4.22, down 1 1/4 cents.
Corn slid lower on Wednesday, as contracts closed with losses of 1 to 2 ½ cents in the nearby contracts on the day. The national average Cash Corn price from cmdtyView was down 2 cents at $4.03 1/2.
The weekly EIA report showed ethanol production dropping off last week’s record by 46,000 barrels per day to 1.073 million bpd. Stocks were up 134,000 barrels to 23.003 million barrels, as exports were down 32,000 bpd to 126,000 bpd and refiner ethanol inputs dropped 17,000 bpd to 873,000 bpd.
Export Sales estimates ahead of Thursday morning’s report are calling for between 0.75 and 1.5 MMT in 2024/25 corn bookings for the week of 11/28, with 0-200,000 MT for 2025/26 sales.
Algeria issued a tender for 240,000 MT of corn, due Thursday. Mexico’s economy minister expects to have a resolution on the dispute under the USMCA in regards to import restrictions on GMO corn by December 14.
Dec 24 Corn closed at $4.22, down 1 1/4 cents,
Nearby Cash was $4.03 1/2, down 2 cents,
Mar 25 Corn closed at $4.30, down 2 1/4 cents,
May 25 Corn closed at $4.35 1/2, down 2 1/2 cents,
To read more about Maize News continue reading Agriinsite.com
Source : Bar Chart
Recommended for you
Leave a Reply
Leave a Reply
