Markets

Mid-Session Corn Market Report for 5/25/2011

July corn opened 5 1/2 cents higher on the session at 739 3/4 and experienced an early range of 736 to 746 1/4. Fears that heavy rains will delay plantings into next week for Indiana and Ohio helped to support strong gains early in the session as there is more talk that the late planted crop could see a tendency for lower yield. A positive tilt to outside market forces and a jump in energy markets were seen as positive factors. New crop corn lagged the rally for old crop and for other grains as there is less fear that the crops will not get planted due to a hot and dry weather pattern into next week. Ethanol production for the week ending May 20th averaged 902,000 barrels per day. This is up 0.22% from the previous week and up 6.49% from last year. Corn used in last week's production is estimated at 94.7 million bushels. Corn use needs to average 102.3 million bushels per week to meet this crop year's USDA estimate of 5 billion bushels. Stocks as of May 20th were 20.797 million barrels. This is up 1.89% vs. last week and up 5.46% vs. last year.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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