Corn Pulling Off Highs on Wednesday
Corn futures are trading with losses on Wednesday, with contracts down 2 to 4 cents so far after hitting fresh highs overnight. The national average Cash Corn price from cmdtyView is down 3 3/4 cents at $4.56.
USDA reported a private export sale of 330,000 MT of corn to Mexico this morning for 2025/26 shipment. Trade estimates ahead of Thursday morning’s USDA Export Sales report are calling for 0.85 to 1.5 MMT in 2024/25 corn sales for the week ending on 1/30, with 0-100,000 MT for 2025/26.
EIA data showed ethanol production rebounding in the week of January 31 by 97,000 barrels per day to 1.112 million bpd. Stocks were also building, up 690,000 barrels to 26.412 million barrels. Refiner inputs of ethanol were up 28,000 bpd to 860,000 barrels per day, though exports dropped 73,000 bpd to 106,000 bpd.
Census data showed the largest December corn export figure for the US since 1989 at 5.445 MMT (214.36 mbu), which was also the 4th largest December total all-time. That was up 15.74% from the previous month. Distillers were a record for December at 1.064 MMT, as ethanol exports were also a monthly record at 194.4 million gallons.
A South Korean importer issued a tender to buy 140,000 MT of corn, with offers due on Thursday. Algeria also issued a tender for Thursday for 240,000 MT of corn. ANEC estimates the Brazil corn exports during February at 1.03 MMT.
Mar 25 Corn is at $4.90 3/4, down 3 3/4 cents,
Nearby Cash is at $4.56, down 3 3/4 cents,
May 25 Corn is at $5.02, down 2 3/4 cents,
Dec 25 Corn is at $4.66, down 2 cents,
New Crop Cash is at $4.36 1/4, down 2 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.