Corn futures are trading with 8 to 9 cent gains across most contracts on Wednesday. The CmdtyView national average Cash Corn price is up 8 ½ cents to $4.19. Crude is up $1.50 so far on the day and $6 off the early lows.
EIA data was out this morning, showing ethanol production at 1.093 million barrels per day in the week ending on 3/13, down 33,000 bpd from the previous week. Stocks data were building on that week, up 827,000 barrels to 26.407 million barrels. That came as exports slipped 14,000 bpd to 174,000 bpd with refiner inputs of ethanol dropping 25,000 bpd to 876,000 bpd. The national regular gasoline price has risen from $2.94 at the end of February to $3.72 for the week of 3/16.
Export sales data will be released on Thursday morning, with traders looking for 0.6-1.8 MMT of old crop corn sales in the week ending on 3/12. New crop business is seen at 0-100,000 MT.
May 26 Corn is at $4.62 1/2, up 8 1/2 cents,
Nearby Cash is at $4.19, up 8 1/2 cents,
Jul 26 Corn is at $4.74, up 8 1/2 cents,
Dec 26 Corn is at $4.90 1/4, up 8 1/2 cents,
New Crop Cash is at $4.47 3/4, up 8 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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