Corn futures are trading with 8 to 10 cent losses in the front months on Wednesday. There were 304 deliveries issued against May futures overnight, all by the ADM house account. The CmdtyView national average Cash Corn price is 10 cents lower on the day to $4.28 3/4.
Crude oil is down $6.71 at midday following the US and Iran closing in on reaching a memorandum of understanding that would, among other things, allow for the safe passage through the Strait of Hormuz as well as a path to ending to conflict.
Weekly EIA data from this morning showed an 8,000 barrel per day increase ethanol output in the week ending on May 1, taking the total to 1.017 million bpd. Ethanol stocks were up 139,000 barrels to 26.02 million barrels. Ethanol stocks were down 31,000 barrels per day to 139,000 bpd, with refiner inputs down 15,000 bpd to 902,000 bpd.
May 26 Corn is at $4.52 1/4, down 13 1/4 cents,
Nearby Cash is at $4.28 3/4, down 10 cents,
Jul 26 Corn is at $4.70, down 10 cents,
Dec 26 Corn is at $4.91 1/2, down 9 cents,
New Crop Cash is at $4.47 1/4, down 9 1/2 cents,
