International Corn Markets Update

05-Dec-2024 08:02 AM

International Corn Markets Update
Ethanol Production and Stocks:
The EIA weekly report indicates that ethanol production dropped by 46,000 barrels per day (bpd) to 1.073 million bpd, down from the previous week’s record. Ethanol stocks, however, rose by 134,000 barrels to 23.003 million barrels. This change comes as:

Exports decreased by 32,000 bpd to 126,000 bpd.
Refiner ethanol inputs fell by 17,000 bpd to 873,000 bpd.
Export Sales Projections:
Projections for corn export sales in the upcoming report include:

2024/25 crop year: 0.75 to 1.5 million metric tons (MMT) for the week of November 28.
2025/26 crop year: Between 0 to 200,000 metric tons.
Global Tender Activity:

Algeria has issued a tender for 240,000 metric tons of corn, with bids due by Thursday.
Mexico: The country’s economy minister anticipates a resolution to the USMCA-related dispute regarding import restrictions on GMO corn by December 14.