Corn is trading with fractionally mixed action on Thursday AM. Futures posted gains of 6 to 7 ½ cents across most contracts on Wednesday, helped by a weaker US dollar index and a rebound in ethanol production. Preliminary open interest was up 4,587 contracts on Wednesday. The front month CmdtyView national average Cash Corn price was up 6 3/4 cents at $4.34 3/4.
EIA’s weekly update showed a rebound in ethanol production of 43,000 barrels per day to 1.036 million bpd in the week of May 16. Ethanol stocks saw a draw of 501,000 barrels to 24.944 million barrels, as Midwest stocks were down 809,000 barrels. Refiner inputs of ethanol were down 10,000 bpd wk/wk to 919,000 bpd.
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Thursday’s Export Sales report is expected to show between 0.7 to 1.6 MMT in old crop business in the week of May 15. New crop sales are expected to see a total of 50,000 MT to 500,000 MT.
Private firm Agroconsult estimates the Brazilian second corn crop at 112.9 MMT, which is well above where CONAB’s estimate from last week was tallied (99.8 MMT).
Jul 25 Corn closed at $4.61, up 6 1/2 cents, currently up 1/2 cent
Nearby Cash was $4.34 3/4, up 6 3/4 cents,
Sep 25 Corn closed at $4.42 3/4, up 7 1/2 cents, currently down 1/4 cent
Dec 25 Corn closed at $4.55 1/2, up 7 cents, currently down 1/4 cent
New Crop Cash was $4.14 1/2, up 7 cents,
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