Corn price action is down 2 to 4 ½ cents so far on Thursday morning. Futures posted losses of 10 ½ to 12 ¾ cents in most contracts on Wednesday, with a few deferred contracts down 4 to 7 cents. Open interest suggested some longs were taking money off the table, down 10,150 contracts. There were 113 deliveries issued against May corn futures overnight. The CmdtyView national average Cash Corn price was 11 1/2 cents lower on the day to $4.26 1/4. Crude oil was the pressure factor, falling $6.06 on the day on easing US/Iran tensions. It is down another $3.16 this morning.
Weekly EIA data from Wednesday morning showed an 8,000 barrel per day increase ethanol output in the week ending on May 1, taking the total to 1.017 million bpd. Ethanol stocks were up 139,000 barrels to 26.02 million barrels. Ethanol stocks were down 31,000 barrels per day to 139,000 bpd, with refiner inputs down 15,000 bpd to 902,000 bpd.
USDA’s Weekly Export Sales report will be released on Thursday, as traders are looking for a total of 1-1.8 MMT of corn bookings for old crop in the week ending on 4/30. New crop business is seen at 0-150,000 MT.
A South Korean importer purchased 132,000 MT of corn overnight, all optional origin.
May 26 Corn closed at $4.52 3/4, down 12 3/4 cents, currently down 2 1/2 cents
Nearby Cash was $4.26 1/4, down 11 1/2 cents,
Jul 26 Corn closed at $4.68 1/2, down 11 1/2 cents, currently down 4 cents
Dec 26 Corn closed at $4.90, down 10 1/2 cents, currently down 4 1/2 cents
New Crop Cash was $4.46 1/4, down 10 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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