Corn is trading both sides of UNCH as we head into midday on Thursday. Smaller than anticipated weekly export sales from last week were the bearish input behind some early weakness. Futures were 4 to 5 cents higher on Wednesday. Preliminary open interest showed a rotation of ownership, up a net of only 76 contracts. The new crop CmdtyView national average Cash Corn price is $3.80, down 1 ¾ cents.
EIA data released on Wednesday put average daily ethanol production at 1.087 million barrels per day during the week that ended on July 11, up 2,000 bpd the previous week. Ethanol stocks were down 324,000 barrels to 23.635 million barrels. That was despite exports slipping 27,000 bpd to 94,000 bpd, with refiner inputs slipping 22,000 bpd to 880,000 bpd.
USDA reported old crop corn export sales were a net 97,600 MT for the week ending July 10. That was a marketing year low, and below trade expectations of 500,000 MT to 1.2 MMT. New crop sales had been seen in a range of 400,000-900,000 MT. USDA indicated 565,900 MT in the holiday shortened week.
Sep 25 Corn is at $4.04 3/4, down 1/2 cent,
Nearby Cash is at $3.91 1/4, down 1/2 cent,
Dec 25 Corn is at $4.23 1/2, down 1/2 cent,
Mar 26 Corn is at $4.40 3/4, down 1/4 cent,
New Crop Cash is at $3.82 1/2, down 1/4 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.
