Written Commentary
EIA Weekly Ethanol Production
(For week ending 3/28/2025)
|
EIA Weekly Ethanol Stocks
Ethanol Stocks were down to 26.612 million barrels and fell below expectations. Spot margins have increased 3-fold since January lows.
EIA Weekly Implied Corn Usage
Implied Corn Usage was up 1 million bushels week-over-week. Next Thursday the USDA will release the WASDE report and many believe they will need to raise usage 20-30 million bushels.
CALENDAR SPREAD
Spread | Last | Chg | Full | % of FC |
CK25/CN25 | -7 1/2 | -1 | -21 | 36% |
CN25/CU25 | 24 1/2 | -1 3/4 |
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|
SK25/SN25 | -15 1/2 | – 1/2 | -27 | 57% |
SN25/SQ25 | 1 3/4 | +1/4 |
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|
SN25/SX25 | 7 3/4 | -2 1/4 |
|
|
MWK25/MWN25 | -15 1/2 | +1/2 | -20 1/4 | 77% |
WK25/WN25 | -13 1/2 | – 1/4 | -15 3/4 | 86% |
KWK25/KWN25 | -11 1/4 | +1/4 | -16 | 70% |
COST OF CARRY
Daily Trading Limits: Corn $0.30 (expanded $0.45); Soybeans $0.85 (expanded $1.30); Minneapolis Wheat $0.60 (expanded $0.90); KC Wheat $0.40 (expanded $0.60); Chicago Wheat $0.40 (expanded $0.60)
Futures Settlements & Technicals
Symbol | Close | Chg | High | Low | Support | Resist | 20-Day | 50-Day |
CK25 | 457 3/4 | -4 | 460 3/4 | 454 | 455 | 480 | 461 1/4 | 481 3/4 |
CN25 | 465 1/4 | -3 | 467 3/4 | 461 1/2 | 461 | 485 | 468 1/2 | 487 |
SK25 | 1029 1/2 | -4 3/4 | 1033 | 1024 1/2 | 1014 1/2 | 1040 | 1014 1/2 | 1038 |
SN25 | 1045 | -4 1/4 | 1048 3/4 | 1040 1/4 | 1028 1/2 | 1053 | 1028 1/4 | 1052 1/4 |
SQ25 | 1043 1/4 | -4 1/2 | 1047 1/2 | 1039 1/2 | 1025 | 1050 | 1025 1/4 | 1048 1/2 |
MWK25 | 592 1/2 | -1 1/2 | 597 3/4 | 587 3/4 | 580 | 599 | 597 1/2 | 612 3/4 |
MWN25 | 608 | -2 | 613 | 603 1/4 | 590 | 612 1/2 | 612 1/2 | 626 |
WK25 | 539 1/4 | -1 1/4 | 543 | 532 1/2 | 535 | 550 | 550 1/2 | 568 |
WN25 | 552 3/4 | -1 | 556 1/2 | 546 3/4 | 540 | 566 1/2 | 566 | 581 1/2 |
KWK25 | 568 1/2 | +3 1/4 | 572 3/4 | 560 3/4 | 550 | 575 | 568 1/2 | 588 |
KWN25 | 579 3/4 | +3 | 583 1/4 | 572 1/4 | 560 | 590 | 589 3/4 | 599 3/4 |
SMK25 | 287.2 | -5.10 | 292.7 | 287.1 | 290.00 | 300.00 | 298.60 | 304.00 |
BOK25 | 48.50 | +1.06 | 48.54 | 47.14 | 43.90 | 45.95 | 43.22 | 44.77 |
>>Interested in more commentary by Joe Mauck? Go HERE
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