Corn Bulls Still in Control During Thursday Session
Corn futures are 5 to 8 cents higher ahead of the noon hour in Chicago. Preliminary open interest was up 15,115 contracts on Wednesday. The national average Cash Corn price from cmdtyView was down 5 3/4 cents at $4.49 1/4.
EIA weekly ethanol production was released a day late due to the Monday federal holiday. Weekly production averaged 1.099 million bpd. Ethanol stocks were larger than anticipated at 25.874 million barrels. Traders had been expecting average daily production to be below the previous week at 1.087 million bpd, with stocks anticipated to grow to 25.35 million barrels from 25.008 million the previous week.
S&P Global estimates the 2025 US corn planted acreage will hith 93.5 million acres, a 700,000 acre increase from their December estimate, and up form 90.594 million in 2024.
A South Korean importer purchased a total of 136,000 MT of corn overnight. Algeria has tendered for 240,000 MT of corn, with offers due on Thursday. Crop condition ratings have been dropping in Argentina, but some key areas have also just received rains. CONAB is sticking with Brazilian production estimate of 119.6 MMT.
Mar 25 Corn is at $4.93, up 8 3/4 cents,
Nearby Cash is at $4.58 1/1, up 8 3/4 cents,
May 25 Corn is at $5.02 3/4, up 8 3/4 cents,
Dec 25 Corn is at $4.64 1/2, up 5 cents,
New Crop Cash is at $4.36 3/4, up 5 1/4 cents,
On the date of publication, Alan Brugler 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.