Corn is trading 2 to 7 cents higher leading up to this morning’s Export Sales report. Futures saw some bull spreading on Wednesday, with old crop months up 1 ¾ to 3 cents at the close. New crop and beyond posted 1 ¼ to 4 ½ cent losses.
There were 25 deliveries against July corn overnight, with the Bunge house putting out 20 and Dreyfus stopping 15. The oldest long is dated July 3. All of the receipts are in CGB locations in Utica and Naples, IL.
Wednesday morning’s EIA report showed a 10,000 barrel per day drop to ethanol production as of July 5 at 1.054 million bpd. Ethanol stocks were slightly higher, by 9,000 barrels to 23.065 million barrels. Exports in that week picked up to 182,000 barrels per day.
Export Sales data is expected to show a range of 300,000 to 850,000 MT of old crop corn sold in the holiday week ending on July 4th. New crop sales are seen totaling 0 to 500,000 MT during that week.
Brazil corn production is expected to be steady to lower in Friday’s WASDE report, with the average of a Bloomberg survey showing a 121.3 MMT estimate, down from the 122 MMT in June. The Argentine estimate is seen down 1.7 MMT to 51.3 MMT.
Jul 24 Corn closed at $4.03 1/4, up 3 cents, currently unch
Nearby Cash was $3.85 1/4, up 3 1/4 cents,
Sep 24 Corn closed at $3.95 3/4, up 1 3/4 cents, currently up 6 3/4 cents
Dec 24 Corn closed at $4.07 1/4, down 1 1/4 cents, currently up 4 1/2 cents
New Crop Cash was $3.69 1/2, up 1 cent,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
