Corn prices are 1 ½ to 2 ½ cents higher heading into the weekly USDA Export Sales report and later the monthly USDA WASDE supply/demand estimates. Corn futures closed out the midweek session with contracts up anywhere from 1 ¼ to 3 ¼ cents in the front months and within a penny of the day’s high.
The weekly Export Sales report to be released shortly is expected to show anywhere from 750,000 MT to 1.3 MMT for old crop corn export sales in the week of 4/4. New crop sales are seen in a range of 0-100,000 MT
For the WASDE update out later this morning, USDA is expected by traders to show the US carryout projection down by ~63 mbu from last month to an average estimate of 2.109 bbu. 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 stocks are expected to shrink by 2.5 MMT to 317.1 MMT on the smaller US projection and lower South American Production numbers.
EIA data from Wednesday morning averaged 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 down from the large total for that week, down 208,000 barrels to 26.208 million.
May 24 Corn closed at $4.34 1/4, up 3 cents, currently up 1 1/4 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, currently up 2 1/2 cents
Dec 24 Corn closed at $4.70 1/4, up 2 cents, currently up 1 1/2 cents
New Crop Cash was $4.33 7/8, up 2 1/8 cents,
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