Corn prices are down 2 to 4 cents early on Thursday. Futures fell back on Wednesday after rallying nearly 40 cents off the lows last week, with contracts down 3 to 8 ¾ cents at the close. Open interest was down 3,588 contracts on Wednesday. There were 88 deliveries issued against July futures overnight. The CmdtyView national average Cash Corn price was 9 cents lower at $4.04.
EIA data from Wednesday morning showed a total of 1.093 million barrels per day of ethanol production in the week of July 3, back down 24,000 bpd from the week prior. Ethanol stocks saw a draw of 762,000 barrels to 23.928 million barrels. Ethanol exports were up 74,000 bpd to 200,000 bpd, with refiner inputs of ethanol down 20,000 bpd to 901,000 bpd.
USDA’s Export Sales report will be out this morning, with traders looking for old crop business to total between 0.6-1.1 MMT in the week of July 2. New crop is seen between 600,000 and 900,000 MT.
The next 7 days via NOAA’s QPF shows 1 to 2 inches on a line mainly south of I-80 covering most of IN, OH and the southern half of IL, as well as much of MO. Parts of NE, the Dakotas, MN, IA, and WI remain relatively dry.
The monthly WASDE report will be released on Friday, with a Bloomberg survey of analysts looking for old crop corn stocks to be cut by 66 mbu to 2.079 bbu. New crop carryout is expected to be down 61 mbu to 1.899 bu.
Jul 26 Corn closed at $4.34 3/4, down 7 3/4 cents, currently down 2 3/4 cents
Nearby Cash was $4.04 1/1, down 9 cents,
Sep 26 Corn closed at $4.35, down 8 3/4 cents, currently down 3 cents
Dec 26 Corn closed at $4.56 1/4, down 8 cents, currently down 3 1/2 cents
New Crop Cash was $4.07 5/8, down 8 1/4 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.
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