Corn Posting Gains, As EIA Reports Increases Ethanol Output
Corn futures are trading with 2 to 4 cent gains on Wednesday, following positive EIA data.
The weekly EIA petroleum report showed 1.019 million barrels per day in ethanol production during the week that ended on May 17, a 19,000 bpd increase over the previous week. Stocks saw a draw after building last week, down 277,000 barrels to 24.212 million barrels as of that date.
USDA’s Export Sales report is expected to see between 500,000 MT and 1.2 MMT of corn bookings in the week that ended on May 16. New crop is expected to be in the middle of the 250,000-450,000 MT range by the trade.
Agroconsult estimates the Brazilian second corn crop at 96.7 MMT, a drop of 10.5% from the year prior and more than 10 MMT above where the currently CONAB estimate sits.
Jul 24 Corn is at $4.61 1/2, up 3 1/2 cents,
Nearby Cash is at $4.38, up 3 1/2 cents,
Sep 24 Corn is at $4.70 3/4, up 2 1/4 cents,
Dec 24 Corn is at $4.84 1/4, up 2 cents,
New Crop Cash is at $4.46 1/8, up 2 1/8 cents,
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.