Corn Market: Midweek Performance at CBoT and Euronext
Corn Market: Midweek Performance at CBoT and Euronext
On Wednesday, corn futures at the Chicago Board of Trade (CBoT) closed lower. The March contract dropped by 2.25 cents, settling at 430 cents per bushel. A bushel equaling 25.4 kg translates to 169.29 USD per ton. Converted to euros (using an exchange rate of ~1 USD = 0.91 EUR), the price is approximately 161 EUR per ton.Corn trading was mixed at Euronext. The front-month March 2025 contract posted a slight decrease of 0.25 EUR, ending at 205.75 EUR per ton.
Key Market Influences
- South American Weather Conditions: Favorable weather in South America continues to dominate market sentiment. Major growing regions are expected to receive abundant rainfall, boosting prospects for high yields.
- Currency Impact on Euronext: The weaker euro supported Corn prices at Euronext.
U.S. Ethanol Data
The latest weekly EIA report revealed:- Ethanol production Decreased by 46,000 barrels per day to 1.073 million barrels per day, down from the previous week's record high.
- Ethanol stocks: Increased by 134,000 barrels, reaching 23.0 million barrels.
USDA Export Sales Expectations
The USDA is set to release its weekly export sales data today. According to a Reuters survey of analysts:- Expected sales of old-crop corn: 750,000 to 1.5 million tons
- Expected sales of 2025 crop corn: Up to 200,000 tons