Corn (P) Futures PricesThursday, May 23rd, 2013
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Corn futures are trading 3 to 4 cents lower this morning. Ethanol stocks continued to decline, to 16.182 million barrels. RIN values for 2013 production rose to 89 cents, a strong incentive to do discretionary blending. E-85 prices are now actually competitive on a BTU basis. Strong new crop export sales announced yesterday won’t be in the weekly reporting system until next week. USDA was expected to show net weekly export sales of 200-500,000 MT for last week. The actual figure released this morning was 310,000 MT with 205,400 MT of the total consisting of new crop sales. Japan was the largest buyer of new crop, and China was close behind; taking 64,200 MT and 60,000 MT respectively.
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