Corn futures held onto the midday gains on Wednesday, with contracts 1 to 2 cents higher across most contracts. The CmdtyView national average Cash Corn price was up 1 3/4 cents at $4.08 3/4.
EIA’s weekly update showed ethanol production at a total of 1.143 million barrels per day in the week of 11/6, a 25,000 bpd increase from the week prior. Ethanol stocks were down 89,000 barrels to 24.434 million barrels.
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USDA will release their Export Sales report on Thursday, with a Reuters survey of estimates looking for 26/27 corn sales to be between 0.8-1.8 MMT in the week of October 29. New crop business is seen at 0-50,000 MT.
Census trade data was released this morning, with corn exports in September at a record 7.084 MMT (278.88 mbu). That was up 0.48% from last year’s record but down 4.56% from last month. Ethanol exports were up 35.99% from a year ago to 208.99 million gallons, with distiller exports at 1.094 MMT.
Brazil’s ANEC estimates the country’s corn exports in the November at 6.02 MMT, a 0.11 MMT increase from the year prior if realized.
Dec 26 Corn closed at $4.44 1/4, up 1 3/4 cents,
Nearby Cash was $4.08 3/4, up 1 3/4 cents,
Mar 27 Corn closed at $4.58 1/4, up 2 cents,
May 27 Corn closed at $4.66 1/2, up 1 1/2 cents,
Dec 27 Corn closed at $4.85 1/2, up 1 1/2 cents,
New Crop Cash was $4.48 3/8, up 1 1/2 cents,
On the date of publication, Austin Schroeder did not directly have a position 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.