Corn futures are showing 1 to 3 cent gains across the front months on Wednesday. New crop is slipping lower, down 2 to 3 cents. The CmdtyView national average Cash Corn price is back up 2 1/4 cents at $4.24 1/2.
EIA released their weekly petroleum status report this morning, with ethanol production rising 43,000 barrels per day to 1.105 million bpd. Stocks saw a draw of 801,000 barrels to 26.575 million barrels. Refiner inputs of ethanol were up 19,000 bpd to 896,000 bpd.
The new crop soy/corn ratio is at 2.24, still leaning towards corn. We will get the March Planting Intention report at the end of the month. S&P Global estimates a total of 94.3 million corn acres planted this spring, which is up 800,000 acres from their previous estimates. Allendale estimates the acreage total at 93.98 million acres according to a producer survey.
May 25 Corn is at $4.61, up 2 1/4 cents,
Nearby Cash is at $4.24 1/2, up 2 1/4 cents,
Jul 25 Corn is at $4.69, up 1 cent,
Dec 25 Corn is at $4.52 1/4, down 2 cents,
New Crop Cash is at $4.15, down 1 3/4 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.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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