Corn Pops Back Higher on Wednesday

Corn futures settled the Wednesday session with contracts up 1 to 6 ¾ cents, as traders closed out the month with a bounce. The nearby CmdtyView national average Cash Corn price was up 5 1/4 cents at $4.42 1/2. 

USDA reported a private export sale of 120,000 MT of corn to unknown destination this morning for 2024/25 shipment. Export Sales data will be released on Thursday with traders looking for 0.7 to 1.5 MMT of old crop corn sales in the week of 4/24, with new crop in a range of 0 to 200,000 MT.

EIA data from this morning showed ethanol production improving 7,000 barrels per day in the week that ended on April 25, to 1.04 million bpd. Stocks saw some continued drawdown, dropping 92,000 barrels to 25.89 million, the lowest since early January. Refiner inputs of ethanol backed off 13,000 bpd to 908,000 bpd, with exports up 66,000 bpd wk/wk to 141,000 bpd. 

Traders are looking for corn used in ethanol production during March to drop 2.6% from a year ago at 459.9 million bushels. The report will be published on Thursday afternoon.

May 25 Corn  closed at $4.67 1/4, up 6 3/4 cents,

Nearby Cash  was $4.42 1/2, up 5 1/4 cents,

Jul 25 Corn  closed at $4.75 1/2, up 5 1/4 cents,

Dec 25 Corn  closed at $4.46 1/4, up 1 3/4 cents,

New Crop Cash  was $4.07 1/4, up 1/4 cent,