Corn futures closed with 8 to 9 cent gains in the front months on Wednesday The CmdtyView national average Cash Corn price was up 8 cents to $4.17 ¾. Crude oil was back up another $5.44 on Wednesday, adding some premium pack in as the Iran situation continues to unfold despite the International Energy Agency agreeing to release 400 million barrels of ethanol reserves.
EIA data from Wednesday morning showed a 31,000 barrel per day increase from the week prior to 1.126 million barrels per day in the week ending on March 6. Ethanol stocks saw a 757,000 barrel draw down to 25.58 million barrels. Refiner inputs of ethanol were up 37,000 bpd on the week to 901,000 bpd, as gasoline product supplied (implied gasoline demand) rose 11.4% to 9.24 million bpd.
Export Sales data will be out on Thursday morning, with traders looking for between 0.8-2.2 MMT in corn sales for old crop in the week ending on 3/5. New crop sales are seen between 0-150,000 MT.
Mar 26 Corn closed at $4.44 1/4, up 8 cents,
Nearby Cash was $4.17 3/4, up 8 cents,
May 26 Corn closed at $4.60 1/4, up 8 cents,
Jul 26 Corn closed at $4.72, up 8 3/4 cents,
