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Corn Pit May '70 (CK70)

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Corn (Pit) Futures Market News and Commentary

Corn Falls on Thursday

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,

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Contract Specifications

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Contract
Corn [Pit]
Contract Size
5,000 bushels
Tick Size
1/4 cent per bushel ($12.50 per contract)
Trading Hours
8:30a.m. - 1:15p.m. CST
Exchange
CBOT
Point Value
$50
Expiration Date
05/19/70 (expired)
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Fibonacci 61.8% N/A
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Fibonacci 38.2% N/A
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