Corn futures are bouncing off the early session lows with contracts down 3 to 5 cents at midday. The CmdtyView national average Cash Corn price is down 2 3/4 cents at $4.07 ¾. Crude oil is down $18.32 at midday following a 2-week ceasefire between Iran and the US that includes the reopening of the Strait of Hormuz. Traffic was limited overnight.
Ahead of the Thursday WASDE update, analysts surveyed by Bloomberg are looking for a slight increase (3mbu) from March to 2.13 bbu for the US carryout projection. World ending stocks are seen 0.4 MMT higher to 293.2 MMT.
EIA data from this morning showed ethanol at a total of 1.116 million barrels per day in the week ending on 4/3. That was a 41,000 bpd increase on the week. Stocks saw a 62,000 barrel increase, to 26.053 million barrels. Exports were up 80,000 bpd to 203,000 bpd, as refiner inputs were down 8,000 bpd to 895,000 bpd.
Export Sales data will be released on Thursday, with analysts looking for 0.75-1.6 MMT in old crop corn commitments. New crop is seen 0-100,000 MT.
Several South Korean importers issued tenders overnight, with a total of 266,000 MT purchased, though no origins were announced.
May 26 Corn is at $4.46, down 3 cents,
Nearby Cash is at $4.07 3/4, down 2 3/4 cents,
Jul 26 Corn is at $4.56 1/4, down 3 3/4 cents,
Dec 26 Corn is at $4.73 1/2, down 4 1/2 cents,
New Crop Cash is at $4.31 1/1, down 4 1/2 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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