Corn futures are rallying 4 to 5 ¼ cents higher across most contracts so far on Thursday. The CmdtyView national average Cash Corn price is up 5 ¼ cents at $3.79 1/2.
EIA data from this morning showed a slight uptick in ethanol production for the week ending on October 17, rising 3,000 barrels per day to 1.074 bpd. Despite the output increase, stocks still saw a draw of 92,000 barrels to 22.628 million barrels. Exports slipped back 30,000 bpd to 108,000 bpd on the week, with refiner inputs of ethanol up 23,000 bpd to 915,000 bpd.
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Export Sales data would normally be pushed to Friday due to the Monday holiday, though the government shutdown is suspending that. Traders estimate that corn bookings totaled 0.9 to 2 MMT in the week of 10/9.
Dec 25 Corn is at $4.22, up 5 1/4 cents,
Nearby Cash is at $3.79 1/2, up 5 1/4 cents,
Mar 26 Corn is at $4.36 1/2, up 4 1/4 cents,
May 26 Corn is at $4.45, up 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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