Corn prices are down 2 3/4 cents in the July contract but 9 to 10 cents in the new crop contracts as the summer weather traders glimpsed the upcoming forecasts.
NOAA’s updated 7-day QPF shows needed moisture for the ECB through MO. Southern IL will receive ~1” accumulated through the week, while W MO and E. KS will get as much as 2 1/2”. Notably, WI, N. IA, MN, and the Dakotas will stay mostly dry.
EIA data showed ethanol producers averaged 32k barrels per day more output during the week that ended 6/2 with average daily production of 1.036m bpd. Ethanol stocks increased by 616k barrels to 22.948 million.
Ahead of the weekly FAS report, traders are looking for old crop corn bookings between 100k MT of net cancelations and 600k MT of new sales. New crop sale estimates range from 100,000 MT to 400,000 MT for the week that ended June 1st.
Jul 23 Corn is at $6.05, down 3 cents,
Nearby Cash is at $6.34 1/2, down 4 cents,
Sep 23 Corn is at $5.25 1/2, down 9 cents,
Dec 23 Corn is at $5.31 1/4, down 9 3/4 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.
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