Ahead of the weekly Export Sales report, corn prices are fractionally to 3 3/4 cents higher. 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. Preliminary open interest shows more short covering in the old crop May and July, with some long liquidation in December. Overall open interest declined 8,197 contracts, which is unusual in the run up to a crop report. Leery of the volatility?
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.
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.
May 23 Corn closed at $6.50 1/2, up 3 1/4 cents, currently up 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, currently up 1 1/2 cents
Dec 23 Corn closed at $5.70 1/2, down 1 3/4 cents, currently up 3/4 cent
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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