Corn futures are showing losses of 3 to 4 cents across the front months on Wednesday, as contracts give back some of the Tuesday gains. The CmdtyView national average Cash Corn price is down 3 1/2 cents at $3.99.
EIA data showed a total of 1.105 million barrels per day of ethanol production in the US during the week ending on December 5, down 21,000 bpd from the week prior’s record. Ethanol stocks pulled back just 1,000 barrels to 22.51 million barrels in that week. Refiner inputs of ethanol were down 6,000 bpd to 851,000 bpd, with exports dropping 45,000 bpd to 125,000 bpd.
CFTC data from the week of November 4 showed corn speculators cutting 17,990 contracts from their net short position, taking it to 71,516 contracts.
A couple South Korean importers purchased a total of 136,000 MT of corn in tenders overnight. Taiwan tendered for 65,000 MT of corn.
Dec 25 Corn is at $4.37, down 3 3/4 cents,
Nearby Cash is at $3.99, down 3 1/2 cents,
Mar 26 Corn is at $4.44 1/2, down 3 1/2 cents,
May 26 Corn is at $4.52 1/4, down 3 1/4 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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