Corn Pops Back Higher on Wednesday
Corn futures settled the Wednesday session with contracts up 1 to 6 ¾ cents, as traders closed out the month with a bounce. The nearby CmdtyView national average Cash Corn price was up 5 1/4 cents at $4.42 1/2.
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USDA reported a private export sale of 120,000 MT of corn to unknown destination this morning for 2024/25 shipment. Export Sales data will be released on Thursday with traders looking for 0.7 to 1.5 MMT of old crop corn sales in the week of 4/24, with new crop in a range of 0 to 200,000 MT.
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 closed at $4.67 1/4, up 6 3/4 cents,
Nearby Cash was $4.42 1/2, up 5 1/4 cents,
Jul 25 Corn closed at $4.75 1/2, up 5 1/4 cents,
Dec 25 Corn closed at $4.46 1/4, up 1 3/4 cents,
New Crop Cash was $4.07 1/4, up 1/4 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.
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