Corn futures posted 3 to 5 ¼ cent gains across the board on Wednesday despite early session weakness. The CmdtyView national average Cash Corn price was up 4 3/4 cents to $4.25 3/4.
EPA Administrator Lee Zeldin announced a waiver this morning allowing E15 sales starting May 1, following a pattern from previous years of lifting the fuel restrictions during the summer months.
EIA data was released this morning, with ethanol production bouncing 23,000 barrels pe day in the week ending on March 20 to 1.116 million bpd. That helped to take the stockpiles of ethanol 763,000 barrels higher to 27.17 million barrels. Ethanol exports slipped another 55,000 bpd to 119,000 bpd, with refiner inputs of ethanol rising 13,000 bpd to 889,000 bpd.
Export Sales data will be released on Thursday morning, as traders are looking for between 0.7 and 1.5 MMT in old crop corn bookings during the week of 3/19. New crop sales are seen in a range of 0 to 100,000 MT.
Taiwan importers purchased a total of 65,000 MT of US corn in a tender early on Wednesday.
May 26 Corn closed at $4.67 1/4, up 4 3/4 cents,
Nearby Cash was $4.25 3/4, up 4 3/4 cents,
Jul 26 Corn closed at $4.77 3/4, up 5 1/4 cents,
Dec 26 Corn closed at $4.93 1/4, up 4 1/4 cents,
New Crop Cash was $4.51 3/4, up 4 3/4 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.
