Corn is trading another 2 to 4 cents lower on the CME this morning. Corn futures were 3.6% to 5.3% lower on Wednesday, falling back to June 12 price levels. On June 12th the board gapped higher and for December contract that gap remains open at $5.33. Preliminary open interest showed nearly a third of the remaining July contracts closed out in a single day, wanting nothing to do with deliveries next week. Overall, corn open interest dropped 29,351 contracts on long liquidation.
Traders are looking for FAS to report old crop weekly export sales between 100k MT of net cancelations and 500k MT of net new corn sales. New crop sales are expected at less than 200k MT for the week that ended 6/22. Â That Export Sales report is due tomorrow morning.Â
EIA data confirmed ethanol producers averaged 1.052m barrel output per day through the week that ended 6/23. That matched last week’s output level as stocks increased by 175k barrels to 22.979 million.Â
Jul 23 Corn  closed at $5.90, down 33 cents, currently down 2 1/4 cents
Nearby Cash  was $5.72 1/2, down 27 1/8 cents,
Sep 23 Corn  closed at $5.31 1/4, down 25 cents, currently down 2 3/4 cents
Dec 23 Corn  closed at $5.36 3/4, down 24 1/4 cents, currently down 3 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.
/Broadcom%20Inc%20HQ%20photo-by%20Sundry%20Photogrpahy%20via%20iStock.jpg)
/Super%20Micro%20Computer%20Inc%20logo%20on%20building-by%20Poetra_RH%20via%20Shutterstock.jpg)
/Intel%20Corp_%20Santa%20Clara%20campus-by%20jejim%20via%20Shutterstock.jpg)
