Corn price action is showing steady to 2 cent higher trade on Thursday morning. Futures posted Wednesday losses of 5 to 7 cents across most contracts at the close. Open interest was down 10,627 contracts on the midweek session, suggesting some longs taking profits. The CmdtyView national average Cash Corn price was down 6 1/2 cents at $3.98 3/4.
Weekly EIA data from Wednesday morning showed a record ethanol production total in the week ending on November 28, totaling 1.126 million barrels per day, a 13,000 bpd increase wk/wk. Stocks of ethanol rose 543,000 barrels to 22.511 million. That came as the 48,000 bpd increase to exports (170,000 bpd) wasn’t enough to offset the increased output and 28,000 bpd drop in refiner inputs of ethanol (at 857,000 bpd).
Export Sales for the week of October 30 will be released this morning, with traders looking for 0.8-2.5 MMT in corn sales during that week.
Dec 25 Corn closed at $4.31 1/2, down 6 1/2 cents, currently up 2 cents
Nearby Cash was $3.98 3/4, down 6 1/2 cents,
Mar 26 Corn closed at $4.43 1/2, down 6 1/2 cents, currently up 1 cents
May 26 Corn closed at $4.50 3/4, down 6 3/4 cents, currently up 3/4 cent
