The US corn market rose significantly in the middle of the week. The March contract gained 4 US cents to 440.50 US cents/bushel, while the May contract climbed 3.25 US cents to 447.75 US cents/bushel. July was also firmer, closing at 453.50 US cents/bushel, a daily gain of 2.50 US cents.
The weekly EIA report provided the main tailwind: At 1.131 million barrels per day, ethanol production from corn reached a new record level. Despite the higher output, inventories fell by 157,000 barrels to 22.353 million barrels, indicating an increase in export demand and higher refinery inputs. Ethanol exports rose by 66,000 barrels per day to 191,000 bpd, while consumption by US refineries increased by 55,000 bpd.
Corn also remains in demand on the export market. The USDA reported a sale of 177,055 tons to Mexico on Wednesday morning, and South Korea secured a further 268,000 tons of US corn in an international tender. Exports from Brazil are expected to be slightly higher at 6.35 million tons in December, which should increase global competition somewhat.
There was no movement on Euronext and March closed unchanged at €185.25/t.
