International Corn Market Update

16-Jan-2025 08:11 AM

International Corn Market Update
The USDA export sales report is scheduled for release on Thursday morning. Analysts expect corn bookings for the week ending January 9, 2024/25, to range between 0.5 to 1 MMT.
Weekly EIA data showed ethanol production at 1.095 million barrels per day for the week ending January 10, a decline of 7,000 BPD from the previous week. Ethanol stocks increased by 860,000 barrels, reaching 25.008 million barrels. Weekly ethanol exports dropped by 30,000 BPD to 125,000 barrels per day, while ethanol refinery inputs rose by 50,000 BPD to 829,000 BPD.
Taiwan purchased a total of 65,000 metric tons of corn overnight through a tender, with the likely source being the U.S. Meanwhile, the Rosario Grains Exchange has revised Argentina's corn crop estimate down to 48 MMT, compared to the previous estimate of 50-51 MMT.