Midday Corn Prices in the Black

AM corn prices are currently 4 1/2 to 10 cents in the black. The July contract is off its high by 2 1/4 cents, but still leading the market on a 1.7% gain.  

Weekly EIA data showed ethanol producers averaged 983k barrels per day output through the week that ended 5/19. That was a 4,000 barrel per day decrease from the week prior and was the 5th consecutive sub-1 million bpd week. Ethanol stocks were 1.15 million barrels lighter at 22.041 million. 

Export Sales estimates for old crop corn range 500k MT of net cancelations to 400k MT of net new sales. New crop business is expected to be under 300k MT for the week that ended 5/18. 

CONAB reported that Brazil’s Safrinha corn crop was 0.2% harvested, with 13.6% mature. Brazil’s ANEC estimates May corn exports will total 387k MT, which is down from 571k MT in their prior forecast. 

Ukraine’s Ag Ministry reported the season’s grain export was 4.6% behind last year’s pace with 44.6 MMT shipped – including 26.4 MMT of corn, a 19% increase yr/yr. 

Jul 23 Corn  is at $5.87 3/4, up 10 1/4 cents,

Nearby Cash   is at $6.20 7/8, up 10 3/8 cents,

Sep 23 Corn  is at $5.18, up 6 cents,

Dec 23 Corn  is at $5.24, up 7 1/4 cents,