Corn Slips Off the Highs into Wednesday’s Close
Corn futures slipped off the early gains on the Wednesday session, with July down ½ cent and other contracts fractionally to 2 1/4 cents higher. The CmdtyView national average Cash Corn price was steady at $3.86 1/4.
EIA’s weekly update showed a total of 1.108 million barrels per day of ethanol production in the week of June 5, steady with the week prior. Ethanol stocks were down 154,000 barrels to 24.452 million barrels. Ethanol exports were up 20,000 bpd to 155,000 bpd, with refiner inputs of ethanol up 8,000 bpd to 907,000 bpd.
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Export Sales data will be released on Thursday morning, with traders looking for old crop business between 0.7 and 1.6 MMT in the week ending on June 4. New crop sales are seen in a range of 200,000 to 500,000 MT.
USDA will release their monthly WASDE report on Thursday, with a Bloomberg survey of traders looking for a 6 mbu cut to old crop corn US carryout at 2.136 bbu, with new crop seen at 1.947 bbu, a 10 mbu reduction if realized. Brazil production is seen up 0.8 MMT to 135.8 MMT, with Argentina up 1.8 MMT to 60.8 MMT according to the average estimates. CONAB will also release their updated Brazilian numbers in the morning.
Jul 26 Corn closed at $4.19, down 1/2 cent,
Nearby Cash was $3.86 1/4, unch,
Sep 26 Corn closed at $4.27 3/4, up 1/4 cent,
Dec 26 Corn closed at $4.46 3/4, up 1 1/2 cents,
New Crop Cash was $4.01, up 1/2 cent,
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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