Corn price action is down 1 to 2 cents so far on Thursday AM trade. Futures posted 3 to 5 ¼ cent gains across the board on Wednesday despite early session weakness. Open interest suggested a rotation of ownership, down just 116 contracts. The CmdtyView national average Cash Corn price was up 4 3/4 cents to $4.25 3/4.
EPA Administrator Lee Zeldin announced a waiver this morning allowing E15 sales starting May 1, following a pattern from previous years of lifting the fuel restrictions during the summer months.
EIA data was released on Wednesday morning, with ethanol production bouncing 23,000 barrels pe day in the week ending on March 20 to 1.116 million bpd. That helped to take the stockpiles of ethanol 763,000 barrels higher to 27.17 million barrels. Ethanol exports slipped another 55,000 bpd to 119,000 bpd, with refiner inputs of ethanol rising 13,000 bpd to 889,000 bpd.
Export Sales data will be released this morning, as traders are looking for between 0.7 and 1.5 MMT in old crop corn bookings during the week of 3/19. New crop sales are seen in a range of 0 to 100,000 MT.
May 26 Corn closed at $4.67 1/4, up 4 3/4 cents, currently down 1 3/4 cents
Nearby Cash was $4.25 3/4, up 4 3/4 cents,
Jul 26 Corn closed at $4.77 3/4, up 5 1/4 cents, currently down 1 3/4 cents
Dec 26 Corn closed at $4.93 1/4, up 4 1/4 cents, currently down 3/4 cent
New Crop Cash was $4.51 3/4, up 4 3/4 cents,
