Corn Easing Back Lower on Thursday Morning

Corn prices are down 1 to 2 ¼ cents across most front months on Thursday morning. Futures pushed higher into the close on Wednesday with contracts up 3 to 5 cents across the front months. Preliminary open interest was up 2,741 contracts on Wednesday, implying some new buying. A record ethanol grind number helped. The CmdtyView national average Cash Corn price was up 3 ½ cents to $3.96.

China reportedly purchased a cargo of US sorghum overnight.Don’t Miss a Day: From crude oil to coffee, sign up free for Barchart’s best-in-class commodity analysis.

EIA reported ethanol production at a record 1.123 million barrels per day, up 32,000 bpd from the previous week. That helped to build stocks by 288,000 barrels to 22.655 million barrels as of October 31. Exports of ethanol slipped back 68,000 bpd to 107,000 bpd, with refiner inputs of ethanol down 7,000 bpd to 904,000 bpd.

The government shutdown is now the longest on record, as we have not had an export sales update in over a month. Still, analysts are estimating that US exporters sold 0.8-2 MMT of corn in the week ending on 10/30.

Dec 25 Corn closed at $4.35 1/4, up 3 3/4 cents, currently down 2 ½ cents

Nearby Cash was $3.96, up 3 1/2 cents,

Mar 26 Corn closed at $4.49 1/2, up 4 3/4 cents, currently down 2 cents

May 26 Corn closed at $4.58 1/4, up 4 3/4 cents, currently down 1 ¾ 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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.