Corn price action is 2 to 4 ½ cents higher so far on Thursday morning. Futures closed Wednesday with contracts up 3 to 8 ¼ cents higher, as the front months were the leaders. Open interest was down 6,265 contracts on Wednesday, mainly in December (-9,264), implying modest short covering. There were 262 delivery notices against July corn overnight. The CmdtyView national average Cash Corn price was 7 cents higher at $3.92 1/4. The market will observe the July 4th Independence Day Holiday on Friday, for a 3-day weekend. Sunday night will be a normal open.
EIA’s weekly update showed a total of 1.117 million barrels per day of ethanol production in the week of June 26, up 27,000 bpd from the week prior. Ethanol stocks were up another 105,000 barrels to 24.690 million barrels. Ethanol exports were back up 5,000 bpd to 126,000 bpd, with refiner inputs of ethanol down 2,000 bpd to 9221,000 bpd.
After the Wednesday close, the NASS Grain Crushing report showed the largest corn total used for ethanol during May in the data set since 2015 at 471.78 mbu. That was 9.7% above April and 6.16% larger than the same period last year. Marketing year to date shipments are now 4.127 bbu, which is 1.34% (55 mbu) above the same period last year.
Export Sales data will be released this morning, with traders surveyed by Reuters looking for between 0.5 to 1.1 MMT in old crop corn sales in the week ending on June 25. New crop business is pegged to total 0.4 to 1.1 MMT.
Jul 26 Corn closed at $4.21, up 8 1/4 cents, currently up 4 1/2 cents
Nearby Cash was $3.92 1/4, up 7 cents,
Sep 26 Corn closed at $4.22 3/4, up 6 cents, currently up 2 3/4 cents
Dec 26 Corn closed at $4.42 1/4, up 6 1/4 cents, currently up 2 1/4 cents
New Crop Cash was $3.95 5/8, up 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.
