Corn futures are trading with contracts up anywhere from a penny to 5 ½ cents at midday. There were 25 deliveries issued against May overnight. The nearby CmdtyView national average Cash Corn price is up 3 1/2 cents at $4.40 3/4.
USDA reported a private export sale of 120,000 MT of corn to unknown destination this morning for 2024/25 shipment.
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EIA data from this morning showed ethanol production improving 7,000 barrels per day in the week that ended on April 25, to 1.04 million bpd. Stocks saw some continued drawdown, dropping 92,000 barrels to 25.89 million, the lowest since early January. Refiner inputs of ethanol backed off 13,000 bpd to 908,000 bpd, with exports up 66,000 bpd wk/wk to 141,000 bpd.
Traders are looking for corn used in ethanol production during March to drop 2.6% from a year ago at 459.9 million bushels. The report will be published on Thursday afternoon.
May 25 Corn is at $4.66, up 5 1/2 cents,
Nearby Cash is at $4.40 3/4, up 3 1/2 cents,
Jul 25 Corn is at $4.75, up 4 3/4 cents,
Dec 25 Corn is at $4.45 1/2, up 1 cent,
New Crop Cash is at $4.06 1/4, down 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
