Old crop corn futures are fading through midday, though are off their lows. July futures are down by 4.3% or 25 cents, and Sep is 11 cents weaker on a double digit loss. The new crop market is also pushing lower, though the losses are limited to 7 3/4 cents so far.
EIA data had 987,000 barrels per day for ethanol production during the week that ended 5/12. Ethanol stocks were down by 100k barrels to 23.191 million barrels.
Ahead of the weekly Export Sales report analysts are looking for between 500k MT of old crop corn cancelations and 300k MT of net new sales from the week that ended 5/11. New crop bookings are estimated between 50k MT and 300k MT ahead of the data.
Turkey’s current Prime Minister Erdogan announced that the Black Sea Grain Corridors deal has been extended by 2 months. Russia’s Foreign Ministry has confirmed another 60 days.
Ukraine’s Ag Ministry reported 43.6 MMT of grain exports for the season through 5/15. That compares to 46.3 MMT during the same point last year, which included several months of larger “before the war” business.
Jul 23 Corn is at $5.55 3/4, down 25 1/2 cents,
Nearby Cash is at $5.87 7/8, down 25 7/8 cents,
Sep 23 Corn is at $4.95 1/4, down 11 1/4 cents,
Dec 23 Corn is at $4.97 1/4, down 8 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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