International Corn Market

21-Feb-2025 08:18 AM

International Corn Market
According to the EIA report, for the week ending February 14, total ethanol production reached 1.084 million barrels, which was an increase of 2,000 bpd compared to the previous week. Stocks also rose, with an increase of 526,000 barrels, reaching 26.218 million barrels. Refinery inputs decreased by 4,000 bpd, now standing at 850,000 bpd, while ethanol exports fell by 12,000 bpd to 138,000 bpd.
Export sales data will be released on Friday morning, as Monday was a holiday. Analysts predict that sales for the week ending February 13, 2024, could range from 0.9 to 1.6 million metric tons (MMT). Sales for the new crop are expected to be between 0 and 200,000 metric tons.
On Thursday morning, the International Grains Council lowered its global corn production estimate by 3 million metric tons, citing reduced consumption and an increase of 3 million metric tons in stocks, which now total 275 million metric tons. The Buenos Aires Grains Exchange estimates that Argentina's corn production is 19% higher, which is a 3% improvement compared to the previous week, with all poor-quality crops moving to the excellent category, now at 30%.