Corn prices are extending the rebound higher on Thursday morning, with gains of 1 to 2 cents. Futures saw a slight recovery on Wednesday, with contracts up 1 to 2 ¼ cents at the close. EIA reported a robust ethanol figure to give the bulls some steam. Open interest was up another 27,407 contracts on Wednesday. The CmdtyView national average Cash Corn price was up 2 1/2 cents at $3.85.
EIA data from Wednesday showed ethanol production rising by a massive 98,000 barrels per day week/week or 8.92% to a record (5.75% above the previous record) 1.196 million barrels per day. Ethanol stocks did see a build of 821,000 barrels to 24.473 million barrels, mainly in the Gulf (+423,000 barrels) and the East Coast (+616,000 barrels), possibly gearing up for exports. Exports were up 6,000 bpd to 119,000 bpd, as refiner inputs for ethanol were 70,000 bpd higher to 841,000 bpd.
USDA Export Sales data will be released on this morning, with traders looking for 0.6 to 1.4 MMT of corn sold in the week of January 8.
CONAB released their January report this morning, showing projected 2025/26 Brazilian corn production at 138.87 MMT, steady compared to the 138.88 MMT in December. The Rosario Grains Exchange estimates the Argentina corn crop at 62 MMT, a 1 MMT increase from their previous estimate.
Mar 26 Corn closed at $4.22, up 2 1/4 cents, currently up 2 1/4 cents
Nearby Cash was $3.84, up 2 1/2 cents,
May 26 Corn closed at $4.29 3/4, up 2 cents, currently up 2 cents
Jul 26 Corn closed at $4.36, up 1 1/2 cents, currently up 2 cents
