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Corn Falls Lower Despite Record Ethanol ProductionCorn was 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. 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 on Friday 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. Dec 24 Corn closed at $4.19, down 7 1/2 cents, 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, May 25 Corn closed at $4.38 1/4, down 6 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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