Corn Showing Fractional Rebound to Begin Friday
Corn is showing fractionally higher action so far on Friday morning. Futures were in a risk off approach on Thursday, joining most of the other commodities. Contracts closed with losses of 2 to 7 ½ cents across the board. Preliminary open interest indicated net new selling, up 20,941 contracts, with exception to the December, down 23,194. The national average Cash Corn price from cmdtyView was down 7 1/4 cents at $3.94 1/2 per bu.
Weekly data from the EIA showed ethanol production at 1.113 million barrels per day during the week of 11/8, up 8,000 bpd from the previous week and an all-time record. Despite the improved output, stocks were only up 19,000 barrels to 22.039 million barrels. Exports were up 35,000 bpd on the week at 144,000 bpd, with refiner inputs of ethanol down 9,000 bpd at 909,000 bpd.
Export Sales data will be reported this morning, with the 2024/25 crop totals seen in a range of 1.25 to 2.6 MMT, with sales for 2025/26 expected at 0-100,000 MT.
Brazil’s CONAB raised their 2024/25 Brazilian corn crop estimate just slightly, by 0.07 MMT, to 119.81 MMT in this month’s update. A South Korean importer purchased 134,000 MT of optional origin corn in a tender overnight.
Dec 24 Corn closed at $4.19, down 7 1/2 cents, currently unch
Nearby Cash was $3.94 1/2, down 7 1/4 cents,
Mar 25 Corn closed at $4.30 3/4, down 6 3/4 cents, currently up 1/4 cent
May 25 Corn closed at $4.38 1/4, down 6 cents, currently 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.
