Corn is trading with early Thursday morning fractional gains. Futures extended the recent strength on Wednesday, as contracts were 4 to 5 cents in the green at the final bell. Preliminary open interest showed a rotation of ownership, up 76 contracts. The front month CmdtyView national average Cash Corn price was up 4 1/4 cents at $3.92 3/4.
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.
Export Sales data will be released this morning, with the trade looking for old crop bookings in a range of 0.5 to 1.2 MMT. New crop sales are seen in a range of 400,000-900,000 MT.
Sep 25 Corn closed at $4.05 1/4, up 4 cents, currently up 3/4 cent
Nearby Cash was $3.92 3/4, up 4 1/4 cents,
Dec 25 Corn closed at $4.24, up 4 1/4 cents, currently up 1/2 cent
Mar 26 Corn closed at $4.41, up 4 1/4 cents, currently up 3/4 cent
New Crop Cash was $3.82 1/1, up 4 3/4 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. For more information please view the Barchart Disclosure Policy here.
