The corn market is trading down by as much as 2 ½ cents so far going into the Export Sales data release. Corn futures spent time on both sides of UNCH on Wednesday, with May printing a 6 ¼ cent range. At the close, old crop prices were fractionally weaker while new crop was fractionally higher. There was a surge in open interest, up 15,305 contracts in the prelim report, absorbed with little price movement.
Pre-report estimates have corn sales ranging from 800k MT to 1.4 MMT for the week that ended 3/7. New crop bookings are expected to show less than 50k MT were sold.
Weekly data from EIA showed ethanol producers averaged 1.024 million barrels of output per day during the week that ended 3/8. That was down from 1.057 million bpd the week prior and was a 5-wk low. Ethanol stocks dropped 269,000 barrels to 25.782 million, which was a 3-wk low.
May 24 Corn closed at $4.41 1/4, down 1/2 cent, currently down 2 1/2 cents
Nearby Cash was $4.15 3/4, down 3/8 cent,
Jul 24 Corn closed at $4.53 1/2, down 1/4 cent, currently down 2 1/2 cents
Dec 24 Corn closed at $4.73, up 1/4 cent, currently down 1 1/4 cents
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