International Corn Market Update

09-Jan-2025 08:13 AM

International Corn Market Update
According to the weekly EIA data, ethanol production for the week ending January 3 was 1.102 million barrels per day, down by 9,000 barrels per day compared to the previous week. Ethanol inventories continued to rise, increasing by 509,000 barrels (1.512 million over the past three weeks) to reach 24.148 million barrels. Refinery ethanol inputs were a major concern, dropping by 80,000 barrels to 779,000 barrels per day. On the other hand, exports rose by 56,000 barrels to 155,000 barrels per day.
The USDA will release its annual crop production report on Friday morning. Analysts surveyed by Reuters estimate a 0.4 BPA reduction in yield, bringing it to 182.7 BPA. Production is expected to decrease by 48 million bushels to 15.095 billion bushels due to slight reductions in harvested acreage.
The weekly export sales report will be released on Friday, as government offices will remain closed on Thursday for a national day of mourning for President Carter's funeral. Markets will close early on Thursday at 12:15 CST.
Additionally, three separate South Korean importers collectively purchased 337,000 metric tons of corn overnight, though the source of the corn is yet to be determined.