Corn futures saw midweek pressure on Wednesday, with contracts down 2 ½ to 9 ½ cents at the close. The CmdtyView national average Cash Corn price was down 9 1/2 cents to $4.26 1/2. Crude oil losses of $5.07 is adding pressure as US and Iran negotiations are reportedly in the nearing the finish line.
A wet forecast for much of the US growing region with a decent portion of the US crop planted was a pressure factor. Lack of confirmation from China on the White House $17 billion figure from the weekend has also weighed on the market.
EIA data from this morning showed a total of 1.111 million barrels per day of ethanol output in the week ending on May 15. That was up 29,000 bpd from the previous week and 75,000 bpd larger than the same week last year. Ethanol stocks were up just 5,000 barrels to 24.875 million barrels. Refiner inputs of ethanol were up 9,000 bpd to 917,000 barrels per day, with export slipping 13,000 bpd to 149,000 bpd.
USDA’s Export Sales report will be out on Thursday, with traders looking for 0.8-1.6 MMT of old crop corn sold in the week of 5/14. New crop business is seen at 150,000 to 300,000 MT.
Jul 26 Corn closed at $4.65 3/4, down 9 1/2 cents,
Nearby Cash was $4.26 1/2, down 9 1/2 cents,
Sep 26 Corn closed at $4.72 1/2, down 9 cents,
Dec 26 Corn closed at $4.89 1/4, down 8 1/2 cents,
New Crop Cash was $4.42 1/1, down 9 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.
