
Corn prices were down 2 to 3 ½ cents at midday and settled 2 ½ to 3 ¼ lower. Perceptions of generally good growing weather in the US over the next week were the main feature, with December taking the brunt of the selling.
The weekly EIA ethanol report showed average daily production of 1.072 million barrels for the week ending May 31. That was up from 1.068 million the previous week. Ethanol stocks dropped 155,000 barrels to 23.052 million barrels, with the East Coast, Midwest and Gulf all lower, while the West Coast inventory increased.
Trade ideas for tomorrow’s USDA weekly export sales report are running 550,000 to as much as 1.2 MMT for the week ending May 30. New crop sales notions run zero to 300,000 MT.
Jul 24 Corn closed at $4.39 1/4, down 3 1/4 cents,
Nearby Cash was $4.21 7/8, down 2 7/8 cents,
Sep 24 Corn closed at $4.45 3/4, down 2 1/2 cents,
Dec 24 Corn closed at $4.59, down 3 cents,
New Crop Cash was $4.22 1/1, down 2 7/8 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.