The corn market is experiencing a slight correction in bullish positions as midday approaches, with nearby contracts showing minor declines. Meanwhile, the new crop for December has risen by 1.5 cents. The national average cash corn price is currently at $4.40 ¾, reflecting a decrease of 0.75 cents.
Recent data from the Energy Information Administration (EIA) indicates that ethanol production fell by 42,000 barrels per day during the week ending April 4, bringing the total to 1.021 million barrels per day. Despite this drop in production, ethanol stocks increased by 422,000 barrels, reaching 27.034 million barrels. Export figures reveal a slight uptick, with exports rising by 112 barrels per day to 174,000 barrels per day, although refiner inputs of ethanol saw a decrease of 26,000 barrels per day to settle at 872,000 barrels per day.
Looking ahead, the Export Sales report is anticipated to show old crop corn sales between 0.7 and 1.3 million metric tons for the week ending April 3. Projections for the 2025/26 sales are expected to range from 0 to 150,000 metric tons.
On Thursday morning, the USDA will publish its monthly World Agricultural Supply and Demand Estimates (WASDE) report. Traders are speculating that the forecast for U.S. ending stocks could see an average reduction of 30 million bushels, estimating the total to be approximately 1.51 billion bushels. The estimates show some variation, with the range between 1.405 billion and 1.605 billion bushels. Additionally, adjustments are expected for South American production forecasts, with Argentina likely experiencing a reduction of 0.7 million metric tons compared to March, now estimated at 49.3 million metric tons. Brazil’s figure is anticipated to be 125.91 million metric tons, down slightly from 126 million metric tons in March.
In trading numbers, May 25 corn is currently priced at $4.68 ¼, marking a decrease of 0.75 cents. The nearby cash price stands at $4.40 ¾, also down by 0.75 cents. For July 25 corn, the price is at $4.75, showing an increase of 0.25 cents. December 25 corn is quoted at $4.47 ¼, up by 1.5 cents. The new crop cash price has risen to $4.10 ¼, which is an increase of 0.75 cents.
This information is intended solely for informational purposes, and all data presented is current as of the article’s publication date. Please refer to the appropriate disclosures for further details.
