Futures are off their lows through midday and are trading fractionally higher in new crop to 9 cents higher in the July contract. July is still at a 55 cent discount to May, which rolls off the board on Friday.Â
EIA reported ethanol output averaged 965k barrels per day through the week that ended 5/5. That was a 5-week low and down 11,000 bpd from last week. Ethanol stockpiles were 23.291 million barrels, down by 72k to a new low for the year.Â
Ahead of Friday’s data, survey respondents are looking for USDA to trim Argentina’s corn production by another 2.1 MMT to 34.9. The full range of estimates is UNCH to a 4 MMT cut. Analysts are looking for an 800k MT increase to Brazil’s corn crop on average, though the full range of estimates is from a 1 MMT cut to a 5 MMT boost. CONAB will release their data for Brazil on Thursday ahead of the USDA.Â
Jul 23 Corn  is at $5.94, up 9 1/4 cents,
Nearby Cash  is at $6.27 1/2, up 9 1/4 cents,
Sep 23 Corn  is at $5.19 1/2, up 1/2 cent,
Dec 23 Corn  is at $5.19 1/4, up 1 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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