Corn Correcting Lower on Wednesday
Corn futures are fading back the Tuesday rally, with contracts down 6 to 7 cents across the front months at Wednesday’s midday. The CmdtyView national average Cash Corn price is down 6 1/2 cents at $4.62 1/4.
EIA data from this morning showed ethanol production in the week of October 1 at 1.053 million barrels per day, back up 46,000 bpd on the week. Ethanol stocks saw another seasonal drawdown of 122,000 barrels to 23.743 million barrels.
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USDA will release Export Sales data on Thursday, with analysts surveyed by Reuters looking for between 0.6 and 1.7 MMT of corn sold in the week ending on October 1.
Brazil’s monthly exports in September totaled 5.21 MMT, which was a 11.96% increase from last month, but 31.09% shy of September last year.
A South Korean importer tendered for 207,000 MT of corn, with a deadline for today.
Dec 26 Corn is at $5.01 1/4, down 6 3/4 cents,
Nearby Cash is at $4.62 1/4, down 6 3/4 cents,
Mar 27 Corn is at $5.16, down 6 1/4 cents,
May 27 Corn is at $5.23 1/2, down 5 1/2 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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