Corn Struggles on Thursday Despite Demand Strength
Corn futures saw losses of 2 to 4 cents across most contracts on Thursday, as futures pulled off early session lows. The front month CmdtyView national average Cash Corn price was down 3 ½ cents at $4.21 1/4.
USDA reported a couple private export sales of corn this morning, with 104,000 MT sold to Mexico and 101,096 MT to unknown destinations for 2024/25 shipment.
The delayed EIA report showed ethanol production rising by 20,000 barrels per day to 1.056 million bpd in the week of May 23. That was an 8-week high. Ethanol stocks fell back 663,000 barrels to 24.281 million barrels. Refiner inputs of ethanol were up 20,000 bpd to 939,000 bpd, as gasoline product supplied (implied demand) was the largest since October at 9.452 million barrels per day.
Export Sales data will be out on Friday, with traders looking for 0.75 to 1.4 MMT in corn business for 2024/25 and 25,000 to 400,000 MT for new crop.
Jul 25 Corn closed at $4.47, down 4 cents,
Nearby Cash was $4.21 1/4, down 3 1/2 cents,
Sep 25 Corn closed at $4.27 1/4, down 2 1/2 cents,
Dec 25 Corn closed at $4.41 1/4, down 2 1/4 cents,
New Crop Cash was $3.99 1/2, down 2 3/4 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.