Corn Falls into the Close

Corn futures collapsed lower into the Wednesday closed as several contracts posted new lows for the year. Futures were 3 to 6 ½ cents lower across the board. Wet forecasts for much of the Corn Belt continue to do the bulls no favors. 

The weekly EIA report showed 1.043 million barrels per day of ethanol was produced during the week of 6/21. That was a 14,000 bpd drop on the week. Stocks saw a draw of 194,000 barrels from the previous Friday to 23.423 million barrels.

With the Export Sales report on Thursday, the trade range of estimates is for old crop corn bookings of 0.4 to 1.1 MMT in the week that ended on June 20. New crop sales are seen in a range of 0 to 200,000 MT.

The June Acreage report from USDA will be out on Friday, with the average trade estimate calling for a 317,000 acre increase to corn at 93.353 million acres. The trade range of public estimates is 89 to 91.3 million acres. Grain Stock data released on Friday is expected to show 4.873 bbu of corn stocks as of June 1, which is 770 mbu above a year ago. The range of guesses is a wide 338 mbu, from 4.675 to 5.013 bbu.

Jul 24 Corn  closed at $4.20, down 5 1/2 cents,

Nearby Cash  was $4.07 5/8, down 5 1/4 cents,

Sep 24 Corn  closed at $4.25 1/2, down 6 1/4 cents,

Dec 24 Corn  closed at $4.36 1/2, down 6 1/2 cents,

New Crop Cash  was $4.02 3/8, down 6 cents,