Corn futures were 2 to 3 cents across most nearby contracts on Thursday. Spillover from strength in wheat was supportive. The CmdtyView national average Cash Corn price was up 2 1/4 cents at $3.87 3/4.
Weekly EIA data showed a total of 1.119 million barrels per day of ethanol production in the week ending on January 16. That was a drop of 77,000 barrels per day from the pervious week’s all time record. Stocks were up 1.266 million barrels to 25.739 million barrels, as the east coast and Gulf saw a majority of the build. Exports did see an uptick of 99,000 bpd from the week prior, nearing a record at 218,000 bpd. Refiner inputs of ethanol were also higher, up 11,000 bpd to 852,000 bpd.
The House funding bill advanced today, but without language that would allow E15 access year around, despite a push from some lawmakers.
USDA’s Export Sales data will be released on Friday, with corn books seen at 1.9 to 3.1 MMT in the week of January 15. There were 1.828 MMT in announced daily sales in that week.
Mar 26 Corn closed at $4.24, up 2 1/4 cents,
Nearby Cash was $3.87 3/4, up 2 1/4 cents,
May 26 Corn closed at $4.32 1/4, up 2 1/2 cents,
Jul 26 Corn closed at $4.38 1/2, up 2 1/4 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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