Overnight action in the corn market was lightly higher with prices up fractionally  this morning. Corn futures extended the front month losses into the close, as contracts through Dec were down 2 to 5 ¼ cents. For 2025 contracts and beyond, trade closed with contracts with in 1 ¾ cents on either side of unchanged.

EIA’s weekly petroleum report tallied ethanol production at 954,000 barrels per day in the week that ended on April 19. That was a 29,000 bpd drop on the week and takes the two-week drop to 102,000 bpd. Stocks were pegged at 25.733 million barrels, down 347,000 barrels from the week prior and the third weekly draw in a row.  While the EPA permission to sell E15 broadly this summer will enhance ethanol consumption, implied gasoline demand is down 11.4% this year vs. year ago. Less gas sold equals less ethanol blended and less corn consumed to produce it.

On Wednesday, Nebraska’s governor Pillen signed a bill that includes a tax credit for production of SAF. The tax credit is 75 cents/gallon for SAF that meets a 50% reduction in greenhouse gasses compared to fossil based aviation fuel.  

Export Sales data released later this morning is expected to show 400,000 to 900,000 MT of old crop corn booked in the week of 4/18. New crop sales are seen at 25,000 to 350,000 MT in total during that week. 

May 24 Corn  closed at $4.37 3/4, down 5 1/4 cents, currently up 1/4 cents

Nearby Cash  was $4.22 3/8, down 5 cents,

Jul 24 Corn  closed at $4.48 1/2, down 4 cents, currently up 1/2 cents

Dec 24 Corn  closed at $4.72 3/4, down 2 cents, currently up 1/4 cents

New Crop Cash  was $4.36 1/4, down 2 1/4 cents,