Corn futures are trading with 10 to 11 cent losses in the front months on Wednesday. The CmdtyView national average Cash Corn price is down 10 3/4 cents to $4.24 1/4. Crude oil losses of $6.27 is adding pressure as US and Iran negotiations are reportedly in the final stages.
EIA data from this morning showed a total of 1.111 million barrels per day of ethanol output in the week ending on May 15. That was up 29,000 bpd from the previous week and 75,000 bpd larger than the same week last year. Ethanol stocks were up just 5,000 barrels to 24.875 million barrels. Refiner inputs of ethanol were up 9,000 bpd to 917,000 barrels per day, with export slipping 13,000 bpd to 149,000 bpd.
USDA’s Export Sales report will be out on Thursday, with traders looking for 0.8-1.6 MMT of old crop corn sold in the week of 5/14. New crop business is seen at 150,000 to 300,000 MT.
Jul 26 Corn closed at $4.64 1/2, down 10 3/4 cents,
Nearby Cash was $4.24 1/4, down 10 3/4 cents,
Sep 26 Corn closed at $4.71, down 10 1/2 cents,
Dec 26 Corn closed at $4.87 3/4, down 10 cents,
New Crop Cash was $4.40 1/2, down 10 1/4 cents,
