Corn Closes Higher, EIA Reports Increased Ethanol Output
Corn futures ended the Wednesday session with contracts showing fractional to 3 ¼ cent gains. June serial options expire against the July contract on Friday.
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 closed at $4.61 1/4, up 3 1/4 cents,
Nearby Cash was $4.38 7/8, up 3 3/8 cents,
Sep 24 Corn closed at $4.70 1/4, up 1 3/4 cents,
Dec 24 Corn closed at $4.84, up 1 3/4 cents,
New Crop Cash was $4.46 5/8, up 1 5/8 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.