Corn futures posted gains of 6 to 7 ½ cents across most contracts on Wednesday, helped by a weaker US dollar index and a rebound in ethanol production. The front month CmdtyView national average Cash Corn price was up 6 3/4 cents at $4.34 3/4.
EIA’s weekly update showed a rebound in ethanol production of 43,000 barrels per day to 1.036 million bpd in the week of May 16. Ethanol stocks saw a draw of 501,000 barrels to 24.944 million barrels, as Midwest stocks were down 809,000 barrels. Refiner inputs of ethanol were down 10,000 bpd wk/wk to 919,000 bpd.
Don’t Miss a Day: From crude oil to coffee, sign up free for Barchart’s best-in-class commodity analysis.
Thursday’s Export Sales report is expected to show between 0.7 to 1.6 MMT in old crop business in the week of May 15. New crop sales are expected to see a total of 50,000 MT to 500,000 MT.
Private firm Agroconsult estimates the Brazilian second corn crop at 112.9 MMT, which is well above where CONAB’s estimate from last week was tallied (99.8 MMT).
Jul 25 Corn closed at $4.61, up 6 1/2 cents,
Nearby Cash was $4.34 3/4, up 6 3/4 cents,
Sep 25 Corn closed at $4.42 3/4, up 7 1/2 cents,
Dec 25 Corn closed at $4.55 1/2, up 7 cents,
New Crop Cash was $4.14 1/2, up 7 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.
More news from Barchart
- Market Bottom Alert: Corn Prices Are Rebounding and More Upside Is Likely
- Watch the Weather: Here’s Where Corn, Soybean, and Wheat Futures Could Be Headed Next
- Corn Bulls Have a Weather-Market Wild Card. How to Trade It.
- Can Grain and Oilseed Prices Move Even Higher?
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
