Corn price action is 4 to 5 cents higher so far on Thursday AM trade. Futures closed out the Wednesday session with contracts 7 to 9 cents higher and some deferred contracts 2 to 4 ¾ cents in the green. Open interest rose 18,163 contracts on Wednesday, mainly in July and December. The CmdtyView national average Cash Corn price was up 9 ¼ cents to $4.20. Crude was up $3.61 on the day and $8 off the early session lows.
EIA data was out this morning, showing ethanol production at 1.093 million barrels per day in the week ending on 3/13, down 33,000 bpd from the previous week. Stocks data were building on that week, up 827,000 barrels to 26.407 million barrels. That came as exports slipped 14,000 bpd to 174,000 bpd with refiner inputs of ethanol dropping 25,000 bpd to 876,000 bpd. The national regular gasoline price has risen from $2.94 at the end of February to $3.72 for the week of 3/16.
Export sales data will be released this morning, with traders looking for 0.6-1.8 MMT of old crop corn sales in the week ending on 3/12. New crop business is seen at 0-100,000 MT.
An Allendale survey of producers estimates the US corn acreage this year at 93.68 million acres, which would be a 5.12 million acre drop last year.
May 26 Corn closed at $4.63 1/4, up 9 1/4 cents, currently up 4 cents
Nearby Cash was $4.20 1/1, up 9 1/4 cents,
Jul 26 Corn closed at $4.74 1/2, up 9 cents, currently up 4 1/4 cents
Dec 26 Corn closed at $4.89 3/4, up 8 cents, currently up 4 1/4 cents
New Crop Cash was $4.47 1/2, up 9 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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