Corn Rebounding on the Midweek Session
Corn futures are trading with contracts 3 to 6 cents higher on Wednesday. The front month CmdtyView national average Cash Corn price is up 3 3/4 cents at $4.17 1/2.
EIA data from this morning showed the weekly ethanol production exploding to match the mid-March high at 1.105 million barrels per day in the week ending on May 30. That was up another 49,000 barrels per day. Stocks ticked up just 159,000 barrels to 24.44 million barrels. Refiner inputs of ethanol in that week dropped 37,000 bpd to 902,000 bpd, as ethanol exports jumped 84,000 bpd to 150,000 bpd, an 8-week high.
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Export sales data will be released on Thursday, with traders looking for 0.775 to 1.4 MMT in old crop business, with new crop seen at 20,000 to 250,000 MT.
While the next week is looking wetter for parts of KS and stretching over to the Eastern Corn Belt, a pocket of expected dryness is over much of NE, and parts of eastern IA, southern MN, and southeast SD, which extends past 7 days in some forecasts.
Jul 25 Corn is at $4.42, up 3 1/2 cents,
Nearby Cash is at $4.17 1/2, up 3 3/4 cents,
Sep 25 Corn is at $4.29 1/4, up 5 3/4 cents,
Dec 25 Corn is at $4.44 1/4, up 5 3/4 cents,
New Crop Cash is at $4.01 1/2, up 5 3/4 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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