Corn Posts Recovery on Wednesday
Corn futures rounded out the Wednesday session with contracts up 2 to 3 cents, as bulls were in recovery mode from the Tuesday selloff. The CmdtyView national average Cash Corn price was up 2 ¼ cents at $3.56 1/2.
EIA data showed a total of 1.093 million barrels per day of ethanol production in the week ending on August 8, an increase of 12,000 bpd from last week and 21,000 bpd from the same week last year. Stocks saw a massive draw of 1.107 million barrels to 22.649 million barrels, the lowest since December. Ethanol exports were up 7,000 barrels per day to 123,000 bpd, with refiner inputs of ethanol 7,000 bpd higher to 929,000 bpd.
Ahead of the Thursday Export Sales report, traders are looking for between 150,000 and 600,000 MT in old crop corn sales during the week of 8/7. New crop bookings are seen in a range of 0.9 to 2.4 MMT.
Several overnight tenders by South Korean importers showed purchases total 266,000 MT. The Rosario Grains Exchange estimates the Argentina corn area in the main regions up 15 to 20% for 2025/26.
Sep 25 Corn closed at $3.74, up 2 1/2 cents,
Nearby Cash was $3.56 1/2, up 2 1/4 cents,
Dec 25 Corn closed at $3.97 1/4, up 2 3/4 cents,
Mar 26 Corn closed at $4.15, up 2 3/4 cents,
New Crop Cash was $3.53 1/4, up 2 1/2 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.