Corn prices were near their highs for the Wednesday close with futures going home 4 ½ to 5 ¾ cents higher. Midday corn futures are trading 3 ½ to 5 cents higher with the board near the session highs. Dollar Index remains at the highest levels since mid-December, but had dropped on Wednesday.
EIA’s weekly update showed ethanol production fell 236k bpd during the week ending 1/19 to just 818k barrels per day. That snapped the 17-wk streak of +1m bpd production and was the lowest since February of 2021. Insiders were citing the cold weather for the low output.
Traders are looking for USDA to report between 725k MT to 1.4 MMT of old crop corn was sold during the week that ended 1/18. New crop corn bookings are expected to be below 50k MT.
S&P Global expects US corn area will be 93m acres for 24/25. A Farm Futures survey put their estimate for planted corn area in 2024 at 92.798 million and harvested at 84.186 million acres.
Brazil’s AgRural reported 2nd crop corn planting reached 4.9% of expected area for the C-S district. That compares to 1% planted at the same time last season. Safras and Mercado had Brazil’s first crop corn harvest at 8.4% finished as of 1/19. That is up from 1.5% last year and the 5.8% 5-yr average for this time.
Mar 24 Corn closed at $4.52 1/4, up 5 3/4 cents,
Nearby Cash was $4.30 3/4, up 6 1/8 cents,
May 24 Corn closed at $4.62 1/2, up 5 3/4 cents,
Jul 24 Corn closed at $4.70 3/4, up 4 3/4 cents,
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