Corn futures are trading with 4 to 7 cent gains across most contracts on Wednesday. There were 325 deliveries issued against July futures overnight. The CmdtyView national average Cash Corn price is 5 cents higher at $3.90 1/4.
EIA’s weekly update showed a total of 1.117 million barrels per day of ethanol production in the week of June 26, up 27,000 bpd from the week prior. Ethanol stocks were up another 105,000 barrels to 24.690 million barrels. Ethanol exports were back up 5,000 bpd to 126,000 bpd, with refiner inputs of ethanol down 2,000 bpd to 9221,000 bpd.
Export Sales data will be released on Thursday, with traders surveyed by Reuters looking for between 0.5 to 1.1 MMT in old crop corn sales in the week ending on June 25. New crop business is pegged to total 0.4 to 1.1 MMT.
Acreage data from NASS showed 95.343 million acres of corn in Tuesday morning’s report. That came in just 5,000 acres above the March intentions report and above estimates looking for 95.1 million.
Grain Stocks data as of June 1 was tallied at 5.295 billion bushels, nearly 120 mbu below estimates and shy of the lowest trade guess of 5.3 bbu. That was still up 14% from a year ago.
Jul 26 Corn is at $4.19 3/4, up 7 cents,
Nearby Cash is at $3.90 1/4, up 5 cents,
Sep 26 Corn is at $4.21, up 4 1/4 cents,
Dec 26 Corn is at $4.41, up 5 cents,
New Crop Cash is at $3.94 1/4, up 3 3/4 cents,
On the date of publication, Austin Schroeder 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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