Corn price action is trading steady trade so far on Friday morning. Futures were 2 to 3 cents across most nearby contracts on Thursday. Spillover from strength in wheat was supportive. Preliminary open interest was down 3,516 contracts on Thursday, hinting at some short covering. The CmdtyView national average Cash Corn price was up 2 1/4 cents at $3.87 3/4.
Weekly EIA data showed a total of 1.119 million barrels per day of ethanol production in the week ending on January 16. That was a drop of 77,000 barrels per day from the previous week’s all time record. Stocks were up 1.266 million barrels to 25.739 million barrels, as the east coast and Gulf saw a majority of the build. Exports did see an uptick of 99,000 bpd from the week prior, nearing a record at 218,000 bpd. Refiner inputs of ethanol were also higher, up 11,000 bpd to 852,000 bpd.
USDA’s Export Sales data will be released this morning, with corn books seen at 1.9 to 3.1 MMT in the week of January 15. There were 1.828 MMT in announced daily sales in that week.
Mar 26 Corn closed at $4.24, up 2 1/4 cents, currently unch
Nearby Cash was $3.87 3/4, up 2 1/4 cents,
May 26 Corn closed at $4.32 1/4, up 2 1/2 cents, currently unch
Jul 26 Corn closed at $4.38 1/2, up 2 1/4 cents, currently unch
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.
