Corn prices are down by as much as 4 1/2 cents so far, but are off their overnight lows, heading into the Thursday day session. July contracts are once again holding firm with only a half cent loss so far.
Wednesday’s session ended near the lows with 10c new crop losses. December was a 73 1/2 cent discount to the nearby July contract. July itself was 3 cents off the low for the day and closed only 3 3/4 cents in the red.
Ahead of the weekly FAS Export Sales 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.
The monthly Census data confirmed 199.2 mbu of corn exports for the month of April. That was a MY high, but still 27% below April ’22. The season to date total reached 1.073 bbu, or 60% of USDA’s forecasted 1.775 billion. The data also showed 778k MT of DDGS exports, which has the MYTD pace running at a 9-yr low. Ethanol exports were 125.7m gallons in April.
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.
Jul 23 Corn closed at $6.04 1/4, down 3 3/4 cents, currently down 1/4 cent
Nearby Cash was $6.30 3/8 on Wednesday, down 7 1/4 cents,
Sep 23 Corn closed at $5.25, down 9 1/2 cents, currently down 3 cents
Dec 23 Corn closed at $5.30 3/4, down 10 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.
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