The markets will be opening this morning at 8:30 am CST. The corn market was steady to a penny lower across most contracts on Wednesday, with December down 4 ¼ cents ahead of first notice day. There were 111 deliveries issued against December corn futures on First notice day, with 97 stopped by an RJO customer. The national average Cash Corn price from cmdtyView is down 3 3/4 cents at $3.92 1/2 per bu.
Over the Thanksgiving trade break, President-elect Trump spoke with Mexico’s President Sheinbaum. After the call, which reportedly went well, she mentioned there would be no potential tariff war.
EIA data from Wednesday morning showed the record ethanol production number get bigger, up 6,000 barrels per day from the prior record and 9,000 bpd from last week at 1.119 million bpd. That did increase the stockpile of ethanol by 306,000 barrels to 22.869 million barrels. Refiner inputs backed off 2,000 barrels to 890,000 bpd, with exports up 14,000 bpd to 158,000 barrels per day.
Export Sales estimates ahead of this morning’s holiday delayed report are calling for between 0.8 and 2 MMT in 2024/25 corn bookings for the week of 11/21, with 0-100,000 MT for 2025/26 sales.
AgroConsult estimates the Brazilian corn crop at 132.7 MT for 2024/25, with the second crop at 107.3 MMT of that total. CONAB estimates the country’s 2024/25 ethanol production at 36.08 billion liters, between corn and sugarcane feedstocks, up 0.67 billion liters from the previous estimate. Much of that increase was from sugarcane, up 0.38 billion liters at 28.85.
Dec 24 Corn closed at $4.15 3/4, down 4 1/4 cents,
Nearby Cash was $3.92 1/2, down 3 3/4 cents,
Mar 25 Corn closed at $4.28, unch,
May 25 Corn closed at $4.35 1/4, unch,
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 BarchartThe views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
