Corn price action is showing fractional gains on Friday morning. Futures rounded out the Thursday session with contracts 4 to 6 ½ cents high in the nearbys. New buying interest was noted, with preliminary open interest rising 35,080 contracts. The CmdtyView national average Cash Corn price was up another 6 ½ cents at $4.02 ½.
EIA data from Thursday morning showed a total of 1.075 million barrels per day of ethanol produced in the week ending on November 7, down 48,000 bpd from the week prior’s record. Stocks saw a draw of 436,000 barrels to 22.219 million barrels.
USDA released their Export Sales data for the week of September 25 on Thursday morning, as corn came in at 1.394 MMT. A backlog of flash sale announcements are expected to be released on Friday at 11:00 am CST.
USDA will release their monthly Crop Production report later this morning, with a Reuters poll of analysts showing corn yield expected to drop 2.7 bpa to 184 bpa, as production is seen at 16.557 bbu, a 257 mbu drop from the September report if realized.
Dec 25 Corn closed at $4.41 1/2, up 6 1/4 cents, currently up ½ cent
Nearby Cash was $4.02 1/2, up 6 1/2 cents,
Mar 26 Corn closed at $4.55 1/2, up 6 1/4 cents, currently up ¼ cent
May 26 Corn closed at $4.63, up 5 3/4 cents, currently up ¼ cent
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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