Front month corn futures were mostly higher within 1 ½ cents of UNCH. The Sep contract was down by ¼ cent at the close for a mixed day across the nearby contracts.
EIA data confirmed October’s ethanol production capacity was 17.721b gallons – even with Sep.
The monthly NASS Grain Crush report saw 454.987 mbu of corn used for ethanol production during November ’23. That was a 1% dip from October’s draw but was 1% above Nov ’22. Pre-report estimates ran around 451 mbu. The season’s total reached 1.345 bbu for Q1. That is 58 mbu ahead of last year’s pace.
USDA’s weekly Export Inspections data showed 569.7k MT (22.43 mbu) of corn was shipped during the holiday week that ended 12/28. That was down from the 1.23 MMT the week prior, and was under the 683k MT during the same week last year. USDA also added 135.5k MT to past reports, taking the season’s total shipment to 11.95 MMT (470.5 mbu).
Mar 24 Corn closed at $4.65 1/4, up 1 1/2 cents,
Nearby Cash was $4.38 3/4, up 2 1/8 cents,
May 24 Corn closed at $4.78, up 1 cent,
Jul 24 Corn closed at $4.88 1/4, up 1/2 cent,
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