Corn futures were on the higher side of unchanged by Wednesday’s close, as front months were up 1 ¼ cents and deferreds down ¼ to 1 ½ cents. Futures shrugged off pressure from the wheat complex. The CmdtyView national average Cash Corn price was up 1 3/4 cents at $4.24.
EIA data from this morning showed ethanol production in the week of October 16 at 1.094 million barrels per day, up 29,000 bpd on the week. Ethanol stocks were up 616,000 barrels to 24.558 million barrels. Refiner inputs slipped back 8,000 bpd to 891,000 bpd, as exports saw a 11,000 bpd improvement to 132,000 bpd.
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Export Sales data will be released on Thursday, with traders looking for between 0.7 to 1.5 MMT in the week of October 15. Sales for 2027/28 are expected to total 0-50,000 MT.
The NOAA 7-day forecast remains relatively dry, though a system is expected to work into the NM/CO and Texas Panhandle to western KS and parts of NE over the weekend.
Taiwan purchased 65,000 MT of corn in a tender, with the expected origin from Brazil.
Dec 26 Corn closed at $4.63 1/4, up 1 1/4 cents,
Nearby Cash was $4.24, up 1 3/4 cents,
Mar 27 Corn closed at $4.77 1/4, up 1 1/4 cents,
May 27 Corn closed at $4.85 1/4, up 1 1/4 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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