Corn futures are trading with contracts up 2 to 3 cents so far on the Wednesday session. The front month CmdtyView national average Cash Corn price is down 2 1/2 cents at $4.56 3/4.
EIA data from this morning showed ethanol production continuing to drop, down 9,000 barrels per day in the week ending on April 11 to 1.012 million bpd. Ethanol stocks saw a draw of 220,000 barrels to 26.814 million barrels. Exports of ethanol were tallied at 137,000 bpd, down 37,000 bpd from the previous week, with refiner inputs of ethanol up 30,000 bpd to 902,000 bpd.
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Export Sales data will be released on Thursday morning with the trade looking for between 0.6 and 1.8 MMT in old crop bookings in the week ending on 4/10. New crop is seen in a range of 0-300,000 MT.
May 25 Corn is at $4.84, up 2 3/4 cents,
Nearby Cash is at $4.56 3/4, up 2 1/2 cents,
Jul 25 Corn is at $4.92, up 2 1/2 cents,
Dec 25 Corn is at $4.66 3/4, up 2 1/2 cents,
New Crop Cash is at $4.31 3/4, up 2 1/2 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
