International Corn Markets

28-Nov-2024 08:03 AM

International Corn Markets
The international corn markets are showing notable activity following the release of this morning's EIA data. Ethanol production continues to break records, increasing by 6,000 barrels per day compared to the prior record and 9,000 barrels per day from last week, reaching 1.119 million barrels per day. This surge in production has driven ethanol stockpiles up by 306,000 barrels, bringing the total to 22.869 million barrels.

Meanwhile, refinery inputs have decreased slightly by 2,000 barrels, now standing at 890,000 barrels per day. However, ethanol exports have risen by 14,000 barrels per day, reaching 158,000 barrels per day.

Looking ahead to the delayed report due on Friday, corn export sales for the week of 11/21 are estimated to range between 0.8 and 2 million metric tons (MMT) for the 2024/25 marketing year, with sales for 2025/26 expected to range from 0 to 100,000 metric tons.

In another key development, Taiwan purchased 65,000 metric tons of US wheat in a tender on Wednesday morning, further contributing to the global grain market dynamics.