New crop corn futures were 1 1/4 to 2 cents weaker at the midweek close. December printed a 7c range from -3 to +4 cents. The old crop May and July contracts stayed in the black for the settle with 1 and 3 1/4 cent gains for the day.Â
USDA confirmed another large private export sale for 204,000 MT of old crop corn to China via mandatory announcement this morning. Traders are looking for the weekly Export Sales data to show between 600k MT and 1.8 MMT of old crop sales for the week. New crop business is expected to be below 300k MT.Â
The US Army Corps reported several barges breaking loose from a tug boat on the Ohio river overnight near the McAlpine Locks and Dams.Â
EIA reported ethanol producers averaged 1.003 million barrels of output per day. That was a 6k barrel per day increase from last week. Ethanol stocks were 661k barrels lighter to 25.527m barrels. Gasoline supplied (correlated to use) has been increasing recently and should be helping E10 and E15 consumption.Â
Brazilian winter crop corn planting is estimated to be 96-97% completed. Remaining plantings will be outside the ideal growing season window and rely on some scarce dry season rains to reach full yield potential.Â
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May 23 Corn  closed at $6.50 1/2, up 3 1/4 cents,
Nearby Cash  was $6.57 5/8, up 3 1/2 cents,
Jul 23 Corn  closed at $6.30 1/2, up 1 cent,
Dec 23 Corn  closed at $5.70 1/2, down 1 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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