The corn market is experiencing modest gains, with prices up 1 to 2 cents on Thursday. The CmdtyView national average Cash Corn price has reached $4.66 1/2, while March futures are trading at $4.98 1/2. This uptick coincides with the latest EIA report, which revealed a slight increase in ethanol production to 1.084 million barrels, despite a drop in refiner inputs and exports.
The International Grains Council’s recent adjustment, reducing global corn production by 3 MMT, signals tightening supply dynamics. With consumption also revised downward and stocks rising to 275 MMT, the market is likely to react to these shifts. Analysts are anticipating export sales data on Friday, with estimates ranging from 0.9 to 1.6 MMT for the week ending February 13.
Market participants should monitor these developments closely, as the interplay between production adjustments and export sales could influence corn pricing and overall agricultural market sentiment in the coming weeks.
Source: nasdaq.com