Corn prices are 4 to 6 cents higher so far on Thursday morning. Futures closed with 8 to 9 cent gains in the front months on Wednesday. Open interest was up 46,175 contracts on Wednesday. There were 137 deliveries issued against March corn overnight. The CmdtyView national average Cash Corn price was up 8 cents to $4.17 ¾. Crude oil is up another $6.06 this morning.
EIA data from Wednesday morning showed a 31,000 barrel per day increase from the week prior to 1.126 million barrels per day in the week ending on March 6. Ethanol stocks saw a 757,000 barrel draw down to 25.58 million barrels. Refiner inputs of ethanol were up 37,000 bpd on the week to 901,000 bpd, as gasoline product supplied (implied gasoline demand) rose 11.4% to 9.24 million bpd.
Export Sales data will be out this morning, with traders looking for between 0.8-2.2 MMT in corn sales for old crop in the week ending on 3/5. New crop sales are seen between 0-150,000 MT.
Mar 26 Corn closed at $4.44 1/4, up 8 cents, currently up 4 1/4 cents
Nearby Cash was $4.17 3/4, up 8 cents,
May 26 Corn closed at $4.60 1/4, up 8 cents, currently up 6 cents
Jul 26 Corn closed at $4.72, up 8 3/4 cents, currently up 5 1/2 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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