The corn market posted fractional gains in the front months on Thursday, as new crop December was 3 cents higher at the close. The CmdtyView national average Cash Corn price is up a penny at $4.66 1/2.
The weekly EIA report from this morning showed a total of 1.084 million barrels of ethanol production in the week of February 14. That was up 2,000 bpd in that week. Stocks were also on the rise, with a build of 526,000 barrels to 26.218 million barrels. Refiner inputs of ethanol were down 4,000 bpd to 850,000 bpd, with ethanol exports slipping 12,000 bpd to 138,000 bpd.
Export Sales data will be out on Friday morning due to the Monday holiday, with analysts estimating 0.9 to 1.6 MMT in 2024/25 sales for the week ending on 2/13. New crop sales are expected to be 0-200,000 MT.
The International Grains Council trimmed their world corn production total by 3 MMT on Thursday morning, with consumption also decreasing and stocks up 3 MMT to 275 MMT. The Buenos Aires Grains Exchange estimates the Argentina corn crop at 19% excellent, improved by 3% from the week prior, all switching from the poor category at 30%.
Mar 25 Corn closed at $4.98, up 1/2 cent,
Nearby Cash was $4.65 1/4, up 3/4 cent,
May 25 Corn closed at $5.12 3/4, up 1/2 cent,
Dec 25 Corn closed at $4.79 1/2, up 3 cents,
New Crop Cash was $4.48, up 3 1/4 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.More news from Barchart
- Why Tight Corporate-U.S. Treasury Yield Spreads Signal Good News for Ag Markets Prices
- Grains and Oilseeds in Q4 and 2024- Where are they Heading in 2025?
- Do Grains and Oilseed Futures Offer Value for 2025?
- Corn Demand in Focus: What The Cash Market May Be Trying To Say
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
