Corn futures collapsed into the Thursday close, as contracts were down 4 ¼ to 11 cents on the day despite a solid round of EIA data. July options expire on Friday, with the heaviest open interest among all options in the July 450 calls.
Weekly delayed EIA data showed a 34,000 barrel per day increase in ethanol production during the week that ended on June 14 to 1.057 million bpd. Stocks were also on the rise, despite a 19,000 bpd increase in ethanol blender inputs, as they were building by 395,000 barrels to 23.62 million.
Friday morning’s Export Sales report is expected to show old crop corn export booking during the week of June 13 in a range of 0.7-1.2 MMT. New crop sales are expected to total 0-200,000MT for that week.
The Buenos Aires Grain Exchange estimates the Argentine corn crop at 49.3% complete.
Jul 24 Corn closed at $4.39 3/4, down 10 1/4 cents,
Nearby Cash was $4.25 5/8, down 9 3/4 cents,
Sep 24 Corn closed at $4.44 3/4, down 11 cents,
Dec 24 Corn closed at $4.56 3/4, down 11 cents,
New Crop Cash was $4.21 1/2, down 11 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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