Corn markets are gearing up for action after the Thanksgiving break, and the early signs are promising! This report, penned by Austin Schroeder, gives us a quick look at what's happening in the corn world.
Trading resumes this morning at 8:30 AM CST, following the holiday. Before the break, corn prices were already showing strength on Wednesday, with contracts jumping 7 to 8 cents. Today marks the first notice day for December futures, with 80 deliveries issued, all by an ADM customer. Preliminary open interest dropped by 29,413 contracts on Wednesday, with a significant decrease in December contracts (-64,402) ahead of the first notice day. March contracts, however, saw an increase of 28,596 contracts. The national average cash corn price closed at $4.04.
The USDA is also catching up, with the Export Sales report for the week ending October 16 expected to be released. Analysts anticipate corn bookings to total between 1.4 and 2.5 MMT for the current marketing year and 0.5 to 1 MMT for the next. The USDA's backlog of daily announcements indicates 1.59 MMT for 2025/26 and 548,640 MT for 2026/27 for that week.
Now, let's talk ethanol. Weekly EIA data from Wednesday revealed that ethanol production reached 1.113 million barrels per day for the week ending November 21st. This marks a 22,000 bpd increase from the previous week and is close to a record high. Ethanol stocks decreased by 339,000 barrels, bringing the total to 21.968 million barrels. Ethanol exports saw a dip of 23,000 barrels per day, settling at 122,000 bpd, while refiner inputs of ethanol decreased by 3,000 bpd, reaching 885,000 bpd.
Here's a quick rundown of the closing prices:
- Dec 25 Corn: $4.31 3/4, up 8 1/4 cents
- Nearby Cash: $4.04, up 17 cents
- Mar 26 Corn: $4.45 1/4, up 7 cents
- May 26 Corn: $4.53, up 6 1/4 cents
It's important to remember that all information is for informational purposes only.
What do you think? Are these price movements a sign of a sustained rally, or just a temporary blip? Share your thoughts in the comments below!
