Corn Closes Mixed on Wednesday
Corn futures saw some bull spreading with old crop months up 1 ¾ to 3 cents at the Wednesday close. New crop and beyond posted 1 ¼ to 4 ½ cent losses.
This morning’s EIA report showed a 10,000 barrel per day drop to ethanol production as of July 5 at 1.054 million bpd. Ethanol stocks were slightly higher, by 9,000 barrels to 23.065 million barrels. Exports in that week picked up to 182,000 barrels per day.
Export Sales data is expected to show a range of 300,000 to 850,000 MT of old crop corn sold in the holiday week ending on July 4th. New crop sales are seen at totaling 0 to 500,000 MT during that week.
Brazil corn production is expected to be steady to lower, with the average of a Bloomberg survey showing a 121.3 MMT estimate, down from the 122 MMT in June. The Argentine estimate is seen down 1.7 MMT to 51.3 MMT.
Jul 24 Corn closed at $4.03 1/4, up 3 cents,
Nearby Cash was $3.85 1/4, up 3 1/4 cents,
Sep 24 Corn closed at $3.95 3/4, up 1 3/4 cents,
Dec 24 Corn closed at $4.07 1/4, down 1 1/4 cents,
New Crop Cash was $3.69 1/2, up 1 cent,
On the date of publication, Alan Brugler 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.