Corn futures are rallying, with contracts up 4 to 5 ¼ cents, pushing the CmdtyView national average cash corn price higher to $3.79 1/2. This market movement follows EIA data showing a slight increase in ethanol production to 1.074 million bpd, a draw in ethanol stocks by 92,000 barrels, and increased refiner inputs, despite a dip in ethanol exports. Traders estimate corn bookings for the week of October 9th were between 0.9 and 2 MMT, though official export sales data is currently suspended due to the government shutdown.
Corn futures are experiencing a notable rally, with most contracts up 4 to 5 ¼ cents, pushing the CmdtyView national average cash corn price higher by 5 ¼ cents to $3.79 1/2. This upward movement is primarily driven by recent EIA data indicating a slight increase in ethanol production, which rose by 3,000 barrels per day to 1.074 million bpd. Despite a marginal dip in ethanol exports by 30,000 bpd, the market is reacting positively to a significant draw in ethanol stocks, which decreased by 92,000 barrels to 22.628 million barrels. Concurrently, refiner inputs of ethanol saw an increase of 23,000 bpd to 915,000 bpd, suggesting robust domestic demand. The ongoing government shutdown has suspended official Export Sales data, introducing an element of uncertainty, though traders estimate corn bookings for the week of October 9th were strong, ranging from 0.9 to 2 MMT. This suspension means investors lack a key official metric for assessing export demand, relying instead on market estimates.
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strongly positive
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0.70
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