Corn futures are trading with sharp 7 to 8 cent losses at midday on Wednesday. The CmdtyView national average Cash Corn price is down 7 3/4 cents at $3.97 1/2.
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.
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 for the week of September 30 will be released on Wednesday afternoon, with the full Commitment of Traders dataset not expected to be fully updated until January 23.
Dec 25 Corn is at $4.29, down 7 3/4 cents,
Nearby Cash is at $3.90 1/2, down 7 3/4 cents,
Mar 26 Corn is at $4.41 1/4, down 8 1/4 cents,
May 26 Corn is at $4.48 1/2, down 8 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.
