Corn futures fell back on Wednesday after rallying nearly 40 cents off the lows last week, with contracts down 3 to 8 ¾ cents at the close. The CmdtyView national average Cash Corn price was 9 cents lower at $4.04.
EIA data from this morning showed a total of 1.093 million barrels per day of ethanol production in the week of July 3, back down 24,000 bpd from the week prior. Ethanol stocks saw a draw of 762,000 barrels to 23.928 million barrels. Ethanol exports were up 74,000 bpd to 200,000 bpd, with refiner inputs of ethanol down 20,000 bpd to 901,000 bpd.
USDA’s Export Sales report will be out on Thursday morning, with traders looking for old crop business to total between 0.6-1.1 MMT in the week of July 2. New crop is seen between 600,000 and 900,000 MT.
The next 7 days via NOAA’s QPF shows 1 to 2 inches on a line mainly south of I-80 covering most of MO, IN, OJ and the southern half of IL. Parts of eastern NE and western IA, as well as central WI are seen with up to an inch.
The monthly WASDE report will be released on Friday, with a Bloomberg survey of analysts looking for old crop corn stocks to be cut by 66 mbu to 2.079 bbu. New crop carryout is expected to be down 61 mbu to 1.899 bu.
Jul 26 Corn closed at $4.34 3/4, down 7 3/4 cents,
Nearby Cash was $4.04 1/1, down 9 cents,
Sep 26 Corn closed at $4.35, down 8 3/4 cents,
Dec 26 Corn closed at $4.56 1/4, down 8 cents,
New Crop Cash was $4.07 5/8, down 8 1/4 cents,
