Corn futures are working off their lows and printing new highs for the session through midday. Prices are 5 1/2 to 7 3/4 cents in the black so far.
Pre report estimates for corn export bookings range from 450k MT of net cancelations to 600k MT of net new sales for 22/23 business. Analysts are looking for below 200k MT of new crop bookings ahead of the FAS data.
EIA’s weekly data showed average daily ethanol output was 976k barrels for the week that ended 4/28. That was a 9k bpd increase from the week prior. Ethanol stocks were down by 943k barrels to 23.363 million.
The Ukrainian Ag Ministry reported 24.4 MMT of corn has been shipped MYTD through April. That is a 15% increase from last year’s pace, with the benefit of the Grain Corridor being open when it did not exist a year ago.
May 23 Corn is at $6.41, up 3 cents,
Nearby Cash is at $6.16 1/8, up 4 3/8 cents,
Jul 23 Corn is at $5.84 1/2, up 4 1/2 cents,
Dec 23 Corn is at $5.26 1/4, up 6 1/2 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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