Corn futures are correcting through the midweek session’s midday. So far old crop corn is a nickel to 6 3/4 cents in the red, while new crop futures are down 2 to 4 1/2 cents.
EIA reported 1.003 million barrels of ethanol was produced on average each day through the week that ended 4/1. That was a 33k bpd drop from the week prior. Ethanol stocks dipped by 626k barrels to 25.903 million, which is a good thing.
Going into the weekly Export Sales report on Thursday, analysts surveyed anticipate seeing between 475k and 1 MMT of old crop corn sold. New crop bookings are expected between 100k and 400k MT.
We also have a USDA report on Friday, with the trade expecting to see a 25 mbu cut in projected US ending stocks to 1.415 bbu.
Census trade data released on Tuesday showed record corn exports during February at 6.62 MMT (260.5 mbu). That was also up 12.19% vs. January shipments. Exports of DDGs were tallied at 870,844 MT, backing off 19.8% vs January but still 11.7% larger than last year. February ethanol shipments totaled 143.1 million gallons, 40.7% larger than in 2021.
May 22 Corn is at $7.53 3/4, down 6 cents,
Nearby Cash is at $7.26 1/2, down 4 7/8 cents,
Jul 22 Corn is at $7.44 1/4, down 4 cents,
Dec 22 Corn is at $7.03 1/4, down 3 1/4 cents,
New Crop Cash is at $6.80 1/1, down 2 3/4 cents,
/Intel%20Corp_%20logo%20on%20mobile%20phone-by%20Piotr%20Swat%20via%20Shutterstock.jpg)
/An%20image%20of%20a%20Tesla%20humanoid%20robot%20in%20front%20of%20the%20company%20logo%20Around%20the%20World%20Photos%20via%20Shutterstock.jpg)
/Alphabet%20(Google)%20Image%20by%20Markus%20Mainka%20via%20Shutterstock.jpg)
/Nvidia%20logo%20by%20Konstantin%20Savusia%20via%20Shutterstock.jpg)
