Overnight action in corn futures has the board mixed with old crop 1-2 cents higher and new crop less than a penny in the red. 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. OI data confirmed more July/May index fund rolling. Preliminary OI overall showed long liquidation, dropping 10,105 contracts. Â
The Rosario Grains Exchange sees the Argentina corn crop at 32 MMT, down from their 35 MMT prior estimate.Â
Weekly Export Sales estimates for this morning’s report run 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
May 23 Corn  closed at $6.56, up 5 cents, currently up 1 3/4 cents
Nearby Cash  was $6.57 ½ on Wednesday, up 2 cents,
Jul 23 Corn  closed at $6.27 3/4, unch, currently up 1 1/2 cents
Dec 23 Corn  closed at $5.55 1/2, down 3 3/4 cents, currently down 1/4 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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