Corn Showing Midday Gains with Increased Ethanol Output
Corn futures are trading with 1 to 3 ¼ cent gains so far on Wednesday. The CmdtyView national average Cash Corn price is up 3 1/2 at $3.82.
Weekly EIA data is still being released despite the government shutdown. Ethanol production rose another 38,000 barrels per day in the week that ended on 10/17, to 1.112 million barrels/day. That was close to a record. Stocks still saw a draw on the week, down 709,000 barrels to 21.919 million barrels. Refiner inputs of ethanol were down 4,000 bpd to 911,000, as ethanol exports were up 22,000 bpd to 130,000 barrels per day.
Don’t Miss a Day: From crude oil to coffee, sign up free for Barchart’s best-in-class commodity analysis.USDA again will be delaying the weekly Export Sales report due to the ongoing shutdown, as traders are still estimating total of 0.8-2 MMT of corn was sold in the week ending on 10/16.
Dec 25 Corn is at $4.23, up 3 1/4 cents,
Nearby Cash is at $3.82, up 3 1/2 cents,
Mar 26 Corn is at $4.35 3/4, up 2 cents,
May 26 Corn is at $4.43 1/2, up 1 3/4 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.
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