Corn Posts Double Digit Strength on Wednesday
Corn futures found some strength on Wednesday, with some squaring things up ahead of the three day weekend. Contracts were up 9 to 12 cents. The front month CmdtyView national average Cash Corn price was up 11 3/4 cents at $4.03 1/2.
Thursday will be the last trade day of the week due to Independence Day on Friday.
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The weekly EIA report from this morning showed 1.076 million barrels per day of ethanol in the week ending on June 27, down 5,000 bpd from the week prior. Ethanol stocks were down 287,000 barrels to 24.117 million barrels. Refiner inputs of ethanol were up 12,000 bpd to 925,000 bpd, with ethanol exports up 21,000 bpd to 131,000 bpd.
USDA’s Export Sales report will be released on Thursday morning, with traders looking for between 0.4 and 1 MMT of corn sold in the week of June 26. New crop is seen in a range of 500,000 to 900,000 MT.
Jul 25 Corn closed at $4.29 1/4, up 9 1/4 cents,
Nearby Cash was $4.03 1/2, up 11 3/4 cents,
Sep 25 Corn closed at $4.18, up 12 cents,
Dec 25 Corn closed at $4.33 1/2, up 11 1/2 cents,
New Crop Cash was $3.92 1/4, up 12 1/4 cents,
On the date of publication, Austin Schroeder 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.
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