Corn prices are showing firmer action ahead of the weekly EIA ethanol inventory report. Futures are up fractionally to 2 ½ cents across the front months. Corn prices were down around 4 cents at midday, and that is about where they closed on Tuesday, 4 ¼ to 5 ¼ lower.
Ahead of Thursday’s WASDE update from USDA, the trade is expecting to see the US carryout projection trimmed by ~63 mbu to an average estimate of 2.109 bbu. The range of estimates runs from as low as 2.02 billion to 2.191 billion bushels.
On the world side, the trade is expecting to see a 1.4 MMT cut to the Brazil production number at 122.6 MMT, with the Argentine number down 0.2 MMT to 55.8. World ending stock are expected to shrink by 2.5 MMT to 317.1 MMT on the smaller US projection and lower South American Production numbers.
Consultant Michael Cordonnier cut his Argentine corn production forecast to 53 MMT, above the recent BAGE figure of 52 MMT but below the March WASDE number of 56 MMT.
May 24 Corn closed at $4.31 1/4, down 4 1/4 cents, currently up 2 1/2 cents
Nearby Cash was $4.12 1/8, down 4 cents,
Jul 24 Corn closed at $4.42 1/2, down 5 cents, currently up 1 1/2 cents
Dec 24 Corn closed at $4.68 1/4, down 4 3/4 cents, currently up 1 1/4 cents
New Crop Cash was $4.31 3/4, down 4 7/8 cents,
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