Corn Comes Back into Thursday’s Close

Corn futures closed out the Thursday session with contracts puling off the early low and closing steady to 2 cents higher in the nearbys. Other contracts were fractionally to a penny lower. The national average Cash Corn price from cmdtyView was up 2 1/4 cents at $3.75 3/4 per bu. The average close for December corn futures so far in October is $4.18. That is 48 cents below the February base insurance price.

USDA reported private export sales of 197,180 MT of 2024/25 corn to Mexico, with another 101,000 MT sold to unknown destinations this morning. Ahead of Friday morning’s Export Sales report, traders are expecting to see between 1.2 and 2.2 MMT in 2024/25 sales for the week that ended on October 10, with another 0-50,000 MT for 2025/26 MT. 

Weekly EIA data was released this morning, showing a total of 1.042 million barrels per day of ethanol production in the week that ended on October 11. That was an increase of 4,000 bpd from the week prior. Stocks of ethanol were building by 121,000 barrels to 22.275 million in that week. Refiner inputs of ethanol totaled 912,000 barrels per day even with the week prior, as exports were down 1,000 bpd to 140,000 bpd.

Algeria is tendering for 240,000 MT of corn from Argentina or Brazil origin, with another 65,000 MT tender by Taiwan buyers. Two separate purchases of 65,000 MT, totaling 130,000 MT, were made by South Korean importers overnight.  The International Grains Council raised their 2024/25 corn carryover by 3 MMT to 279 MMT. 

Dec 24 Corn  closed at $4.06 3/4, up 2 cents,

Nearby Cash  was $3.75 3/4, up 2 1/4 cents,

Mar 25 Corn  closed at $4.21 1/4, up 3/4 cent,

May 25 Corn  closed at $4.28 3/4, unch,

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.