Corn Starting Thursday with Fractional Gains
Corn is trading with steady to nearly penny higher trade on Thursday. Futures close with 1 to 3 ¼ cent gains on Wednesday. Preliminary open interest was up 7,116 contracts on Wednesday. The CmdtyView national average Cash Corn price was up 3 ¾ cents at $3.82 1/4. The average December corn close through October is now at $4.19 with just 7 days left for the harvest price discovery for crop insurance.
Weekly EIA data is still being released despite the government shutdown. Ethanol production rose another 38,000 barrels per day in the week that ended on 10/17, to 1.112 million barrels/day. That was close to a record. Stocks still saw a draw on the week, down 709,000 barrels to 21.919 million barrels. Refiner inputs of ethanol were down 4,000 bpd to 911,000, as ethanol exports were up 22,000 bpd to 130,000 barrels per day.
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USDA again will be delaying the weekly Export Sales report due to the ongoing shutdown, as traders are still estimating a total of 0.8-2 MMT of corn was sold in the week ending on 10/16.
Dec 25 Corn closed at $4.23, up 3 1/4 cents, currently up 1/4 cent
Nearby Cash was $3.82 1/4, up 3 3/4 cents,
Mar 26 Corn closed at $4.35 3/4, up 2 cents, currently up 3/4 cent
May 26 Corn closed at $4.43 1/2, up 1 3/4 cents, currently up 3/4 cent
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.
