Overnight corn action has the market trading mostly 1 penny weaker ahead of the Export Sales report. The July ’23 contract is down by 2 cents. Wednesday trading pushed prices 5-7 cents in either direction before ultimately closing 1/4 to 2 cents higher. December rallied to within 3/4 of a cent from the $6 mark at the high for the day before pulling back. The chart gap from 7/25 was also contested but remained unfilled.
EIA reported ethanol producers averaged 1.043 million barrels per day. That was up from 1.021m barrels per day from the week prior as a 4-week high. Ethanol stocks were reported as 23.394 million barrels, up from 23.328 million last week.
Ahead of the weekly Export Sales report, analysts surveyed expect to see between 0 and 300k MT of old crop corn was booked during the week that ended 7/28. New crop forward bookings are estimated between 100k and 400k MT.
Sep 22 Corn closed at $5.91 1/2, up 1/4 cent, currently down 1 cent
Nearby Cash was $6.69 ¾ on Wednesday, down 1 cent,
Dec 22 Corn closed at $5.96 1/4, up 2 cents, currently down 1 cent
Mar 23 Corn closed at $6.04 1/4, up 2 1/2 cents, currently down 1 cent
New Crop Cash was $5.61 ½ on Wednesday, up 2 cents,
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