Corn prices are down 6 to 7 cents so far on Thursday morning. Futures posted mixed action at the Wednesday close, with contracts within a penny of either side of unchanged. Open interest was up 10,445 contracts on Wednesday. There were 17 deliveries against May futures overnight, with the contract expiring today. The CmdtyView national average Cash Corn price was up a penny to $4.40.
A bill to approve year-around sales of E15 was passed by the US House of Representatives on Wednesday evening. It will now go through the Senate, facing some hurdles from oil state senators.
The NOAA 7-day QPF shows expected precipitation totals aof 1 to 3 inches across much of the Corn Belt, with portions of the eastern Plains through OH catching some rain.
Weekly EIA data from Wednesday morning showed a 65,000 barrel per day hike in ethanol output in the week ending on May 8, taking the total to 1.082 million bpd. Ethanol stocks saw a draw of 1.15 million barrels to 24.87 million barrels. Ethanol exports were up 23,000 barrels per day to 162,000 bpd, with refiner inputs up 6,000 bpd to 908,000 bpd.
Export Sales data will be released this morning, with traders looking for old crop corn business in the week of 5/7 at 1 to 1.9 MMT. New crop sales are seen at 0 to 300,000 MT.
The Rosario Grains Exchange estimates the Argentina corn crop at 68 MMT, up 1 MMT from their previous number. CONAB will be out with their Brazilian corn production update on Thursday.
Jul 26 Corn closed at $4.80 3/4, up 3/4 cent, currently unch
Nearby Cash was $4.40 1/1, up 1 cents,
Sep 26 Corn closed at $4.87 1/4, up 1 cent, currently down 6 1/4 cents
Dec 26 Corn closed at $5.03, up 1 cent, currently down 6 1/2 cents
New Crop Cash was $4.56 1/8, up 1 cent,
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.
