Written Commentary
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Government Assistance Payments Per Acre by Commodity
Export Sales Estimate (week ending 3/14)
| Sales 24/25 | Est Range | Sales 25/26 | Est Range |
Wheat | _______ | 300K-700K | _______ | 25K-100K |
Corn | _______ | 800K-1.7M | _______ | 0-100K |
Beans | _______ | 400K-900K | _______ | 0-50K |
Meal | _______ | 140K-450K | _______ | 0-20K |
Soyoil | _______ | 15K-50K | _______ | 0-10K |
Export Sales week ending 3/7
EIA Weekly Ethanol Production (For Week Ending 3/14/2025)
Ethanol Production increased to 1.105M barrels per day, marking the second highest production week of 2025 behind the last week of January. This is a record high for this week of the marketing year.
EIA Weekly Ethanol Stocks
Ethanol Stocks fell below expectations to 26.6 million barrels, regardless of the increased production. Ethanol Operating Margins are still below average at around 12¢.
EIA Weekly Implied Corn Usage
Implied Corn Usage suggests there were 111 million bushels of corn used for ethanol last week, or 15.8 million bushels per day.
*Corn usage estimate subtracts sorghum used for ethanol based on USDA monthly grain crush report. Bushel to gallon conversion is based on implied yield: EIA monthly ethanol production divided by net (corn and sorghum) bushels crushed from USDA month report.
CALENDAR SPREADS
Spread | Last | Chg | Full | % of FC |
CK25/CN25 | -7 1/4 | +2 | -21 | 35% |
CN25/CU25 | 24 | +3 1/4 |
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SK25/SN25 | -13 1/4 | +1/2 | -27 | 49% |
SN25/SQ25 | 3 1/2 | +1/2 |
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SN25/SX25 | 11 1/2 | +1/2 |
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MWK25/MWN25 | -15 3/4 | +1/2 | -20 1/2 | 77% |
WK25/WN25 | -16 1/2 | +1/2 | -16 | 103% |
KWK25/KWN25 | -14 | -1 1/4 | -16 1/2 | 85% |
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 | 462 | +3 1/4 | 463 | 455 3/4 | 457 | 467 | 478 | 486 1/4 |
CN25 | 469 1/4 | +1 1/4 | 471 1/4 | 465 | 467 | 477 | 484 1/4 | 490 1/4 |
SK25 | 1008 1/4 | -4 1/2 | 1016 | 1006 1/2 | 1011 | 1027 | 1028 1/4 | 1043 |
SN25 | 1021 1/2 | -5 | 1029 1/2 | 1019 3/4 | 1024 | 1040 | 1042 3/4 | 1056 1/4 |
SQ25 | 1018 | -5 1/2 | 1026 3/4 | 1016 1/4 | 1024 | 1040 | 1040 1/2 | 1052 1/2 |
MWK25 | 611 3/4 | -2 1/4 | 618 1/2 | 606 1/4 | 611 | 625 | 612 1/4 | 613 |
MWN25 | 627 1/2 | -2 3/4 | 633 3/4 | 622 3/4 | 625 | 640 | 626 | 624 3/4 |
WK25 | 563 1/2 | -1 1/2 | 568 1/2 | 558 | 562 | 582 | 570 1/2 | 569 3/4 |
WN25 | 580 | -2 | 585 1/2 | 575 | 580 | 596 | 584 3/4 | 581 3/4 |
KWK25 | 594 3/4 | -11 1/2 | 605 1/2 | 591 3/4 | 599 | 615 | 588 3/4 | 585 1/4 |
KWN25 | 608 3/4 | -10 1/4 | 618 | 606 1/4 | 613 | 626 | 601 3/4 | 596 |
SMK25 | 297.7 | -2.20 | 301.9 | 296.8 | 302.00 | 309.50 | 302.10 | 307.50 |
BOK25 | 42.36 | -0.18 | 42.71 | 42.11 | 41.85 | 42.85 | 44.20 | 44.85 |
>>Interested in more commentary by Joe Mauck? Go HERE
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