July corn futures posted a strong 1.6% gain on Wednesday, closing just 2 cents off the session high. The other nearby futures were also near their highs for the session at the close, with 1 1/2 to 3 3/4 cent gains.
Analysts expect USDA’s weekly Export Sales report will show between 100k MT of old crop corn cancelations and 800k MT of net new sales. New crop bookings are expected to be below 300k MT.
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.
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.
Jul 23 Corn closed at $5.94, up 9 1/4 cents,
Nearby Cash was $6.26 3/8, up 9 1/8 cents,
Sep 23 Corn closed at $5.22 3/4, up 3 3/4 cents,
Dec 23 Corn closed at $5.20 3/4, up 2 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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