The corn market ended with a penny to 4 3/4 cent losses across the front months on Wednesday. July futures saw weakness overnight before rallying back at the day trading open, but ultimately faded back to lead the market in the red. July is still up 3 1/2 cents for the week. December prices closed at a 2c loss on Wednesday, and are now a 58 1/2 cent discount to old crop.
Analyst estimates for the weekly Export Sales report range from 100k MT of net cancelations to 550k MT of net new sales for old crop corn. New crop bookings are expected to be below 350k MT for the week that ended 6/8.
EIA reported ethanol producers averaged 1.018 million barrels per day through the week that ended 6/9. That was down by 18k bpd from the week prior. Ethanol stocks were 722k barrels tighter to 22.226 million. The EIA’s RFS standards were finalized through 2025, with the official announcement delayed to June 21st from today.
Brazil’s CONAB estimated their corn production at 125.7 MMT, compared to 125.5 MMT last month and 132 MMT from the USDA. CONAB set the 2nd crop output at 96.3 MMT from 96.2 last month.
Jul 23 Corn closed at $6.07 3/4, down 4 3/4 cents,
Nearby Cash was $6.27, down 6 7/8 cents,
Sep 23 Corn closed at $5.45, down 1 cent,
Dec 23 Corn closed at $5.49 1/4, down 2 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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