May corn futures were the only gainer on Wednesday, ending with a nickel gain and just 2 cents off the high. The rest of the market finished the session UNCH to 4 3/4 cents lower.Â
Export Sales estimates for Thursday range 500,000 MT to 1.3 MMT for old crop corn. New crop business is estimated below 450k MT.Â
Weekly EIA data showed 959k barrels of ethanol output per day for the week that ended 4/7. That was the lowest daily average since January 6th, down by 44k bpd last week. Stocks tightened by another 8k barrels to 25.128 million.Â
USDA made minimal changes in their domestic balance sheet for corn on Tuesday. They trimmed the import by 10 mbu to 40 million but pulled the use out of FSI for an UNCH 1.342 bbu carryout. The trade was expecting a tighter carryout on average. USDA left their cash average price for old crop corn at $6.60/bushel. Globally, USDA trimmed Argentina’s output by 3 MMT to 37 MMT – in line with the pre-report estimate. That came out of their export figure. Global carryout was only 1 MMT tighter (after a slight boost to Ukraine exports) at 295.35 MMT.Â
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May 23 Corn  closed at $6.56, up 5 cents,
Nearby Cash  was $6.57 1/2, up 2 cents,
Jul 23 Corn  closed at $6.27 3/4, unch,
Dec 23 Corn  closed at $5.55 1/2, down 3 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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