Corn Falling Back Lower on Wednesday
Corn futures are down 3 to 4 cents across the front months at midday. Preliminary open interest was down 22,441 contracts on Tuesday, mainly due to September liquidation (-47,405 contracts) ahead of First Notice Day on Friday. The CmdtyView national average Cash Corn price is down 4 1/4 cents at $3.64 1/2.
EIA’s weekly report showed ethanol production slipping 2,000 barrels per day in the week that ended on August 22 at 1.07 million barrels per day. Ethanol stocks were down 139,000 barrels to 22.549 million barrels. Exports slipped 51,000 bpd to 121,000 bpd, with refiner inputs of ethanol up 7,000 bpd to 932,000 bpd.
Analysts estimate the 2024/25 bookings in the week of 8/21 at net reductions of 200,000 MT to 150,000 MT in sales. New crop business is pegged to be 1.2 to 2.6 MMT in that week.
Taiwan purchased a total of 65,000 MT of corn from the US in their tender overnight.
Sep 25 Corn is at $3.83 1/2, down 4 cents,
Nearby Cash is at $3.64 1/2, down 4 1/4 cents,
Dec 25 Corn is at $4.06 1/2, down 3 cents,
Mar 26 Corn is at $4.23 1/2, down 3 cents,
New Crop Cash is at $3.64 3/4, down 3 1/4 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.