After the July’s 9 3/4 cent weakness, the AM corn board is working 4-5 cents in the red so far. Corn was working higher on Thursday, but faded in the afternoon. July corn pushed back above $6 during the 14 1/4 cent range, but ultimately closed near the low for the day on a 1 1/2 cent loss. The other contracts stayed 8 to 8 3/4 cents higher for the close, though Dec settled 6 1/2 cents off the high as well.
USDA’s monthly Grain Crushings report had 415.74 mbu of corn used for ethanol in April. That was a 4.7% drop from March but was near the same level as last season. Total YTD corn use was 3.774 bbu. Through April
Weekly EIA data showed ethanol producers were back above 1m barrels for their average daily production with 1.004 for the week that ended 5/26. That was the first +1m since mid-April. Ethanol stocks were 291k barrels higher to 22.332 million.
Brazilian export data had 385k MT of corn exports for the month of May. That was well below the 1.09 MMT shipped last year.
Trade estimates ahead of the weekly Export Sales report is to see between 100k MT of old crop cancelations and 400k MT of net new sales. New crop bookings are estimated between 0 MT and 300,000 MT for the week that ended 5/25.
Jul 23 Corn closed at $5.92 1/2, down 1 1/2 cents, currently down 9 3/4 cents
Nearby Cash was $6.24 3/8, down 3 3/4 cents,
Sep 23 Corn closed at $5.24 1/4, up 8 cents, currently down 5 cents
Dec 23 Corn closed at $5.30, up 8 1/4 cents, currently down 4 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.
/Computer%20board%20micro%20chip%20green%20by%20blickpixel%20via%20Pixabay.jpg){kind=tracking}
/AI%20(artificial%20intelligence)/Hands%20of%20robot%20and%20human%20touching%20on%20big%20data%20network%20connection%20by%20PopTika%20via%20Shutterstock.jpg)