Corn futures closed the Wednesday session under pressure, as contracts were down 7 to 8 cents across most months. The CmdtyView national average Cash Corn price was down 6 3/4 cents at $3.91 1/4. Outside markets added pressure, with crude oil down $1.15 and the dollar index up $0.606.
EIA data from this morning showed a rebound of 16,000 barrels per day to 1.091 million bpd in the week ending on November 14. Stocks of ethanol were up 88,000 barrels to 22.307 million barrels. Exports slipped by 12,000 bpd to 145,000 bpd, with refiner inputs of ethanol down 7,000 bpd to 888,000.
Census data was released this morning, showing August corn exports at 6.397 MMT (251.8 mbu). That was a record for the month at 25.42% above last year and a 2.76% increase from July. Distillers exports were up 7.47% from a year ago at 1.167 MMT. Ethanol exports were a record for August at 188.77 million gallons, up 23.76% from last year and 14.84% larger than in July.
Export Sales for the week of October 2 will be released on Thursday morning, with analysts looking for 1.4 to 2.5 MMT of corn sold.
A South Korean importer purchased a total of 130,000-135,000 MT of corn in a tender on Tuesday, with the origin yet to be announced. Brazil’s ANEC estimates the November corn export total for the country at 6.36 MMT, a 0.32 MMT increase from last week’s estimates.
CFTC data from this morning showed speculators in corn futures and options adding 40,635 contracts to their net short position in the week that ended on September 30. As of that date, which was more than a month and half ago, their net short was 135,310 contracts.
Dec 25 Corn closed at $4.29 3/4, down 7 cents,
Nearby Cash was $3.91 1/4, down 6 3/4 cents,
Mar 26 Corn closed at $4.41 1/2, down 8 cents,
May 26 Corn closed at $4.49, down 7 1/2 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.
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