Corn futures closed the Thursday session with contracts down 6 to 8 cents in most front months, as a risk off approach triggered selling across much of the ag commodity sector.
This morning’s EIA report showed a 49,000 barrel per day increase to ethanol production during the week that ended on May 24th. That took the week’s daily production to 1.068 million barrels. Ethanol stocks on that date were tallied at 23.207 million barrels, down 1.005 million vs. the week prior and the lowest stocks total since mid-December. Exports were pegged at 212,000 barrels per day, a record since EIA began keeping track since last May.
USDA’s Export Sales report is out on Friday morning and expected to show 0.6-1 MMT in corn old crop sales for the week ending on May 23. New crop is seen totaling between 0-400,000 MT.
Jul 24 Corn closed at $4.48 3/4, down 6 1/2 cents,
Nearby Cash was $4.29 3/8, down 6 1/4 cents,
Sep 24 Corn closed at $4.57 3/4, down 7 1/4 cents,
Dec 24 Corn closed at $4.71, down 7 3/4 cents,
New Crop Cash was $4.35 5/8, down 8 3/4 cents,
On the date of publication, Alan Brugler 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.
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