Corn futures are trading with contracts 2 to 4 ½ cents higher at Wednesday’s midday. Demand continues to be solid, with record ethanol and exports. The CmdtyView national average Cash Corn price is up 4 1/2 cents to $3.96 1/4.
USDA reported a private export sale of 177,055 MT of corn to Mexico this morning.
EIA data from this morning showed another record ethanol corn grind for the week ending on December 12, up 26,000 barrels per day week/week to 1.131 million bpd. Despite the increased output, stocks saw a draw of 157,000 barrels to 22.353 million barrels. That came as ethanol exports were up 66,000 bpd to 191,000 bpd, with refiner inputs of ethanol rising 55,000 barrels per day from the week prior to 906,000 bpd.
A South Korean importer purchased a total of 268,000 MT of corn in a tender overnight. Brazil’s December corn exports are estimated to total 6.35 MMT according to ANEC, a 0.05 MMT increase from the week prior.
Mar 26 Corn is at $4.41, up 4 1/2 cents,
Nearby Cash is at $3.96 1/4, up 4 1/2 cents,
May 26 Corn is at $4.48, up 3 1/2 cents,
Jul 26 Corn is at $4.53 3/4, up 2 3/4 cents,
