Corn futures closed out the midweek session with contracts up anywhere from 1 ¼ to 3 ¼ cents in the front months to close within a penny of the day’s high.
EIA data from this morning tallied ethanol production at 1.056 million barrels per day during the week that ended on April 5. That was a 17,000 bpd drop from the week previous. Stocks saw some draw from the large total for that week, down 208,000 barrels to 26.208 million.
The weekly Export Sales report scheduled for early Thursday morning is expected to see anywhere from 750,000 MT to 1.3 MMT for old crop corn bookings in the week of 4/4. New crop sales are seen in a range of 0-100,000 MT
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.
May 24 Corn closed at $4.34 1/4, up 3 cents,
Nearby Cash was $4.15 3/8, up 3 1/8 cents,
Jul 24 Corn closed at $4.45 3/4, up 3 1/4 cents,
Dec 24 Corn closed at $4.70 1/4, up 2 cents,
New Crop Cash was $4.33 7/8, up 2 1/8 cents,
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