Futures are pulled back on Wednesday after a couple weeks of rallying and a USDA report on the horizon. Corn prices ended the midweek session with losses of 3 ½ to 8 ½ cents across most months.
Weekly EIA data showed ethanol production at 965,000 barrels per day for the week that ended on May 3. That was a 22,000 bpd drop from the previous week. Stocks of ethanol were tallied at 24.2 million barrels, a sharp 1.288 million barrel draw on the week, mainly out of the Midwest region.
With Export Sales data released on Thursday, the trade is expecting to see net old crop sales of 600,000 MT to 1.1 MMT in the week that ended on 5/2. New crop is seen in a range of 0-150,000 MT.
Brazil’s production is expected to be cut be 1.7 MMT in Friday’s WASDE report from USDA to 122.3 MMT. Argentina’s production estimate is seen at 52 MMT by analysts, compared to the 55 MMT from last month.
May 24 Corn closed at $4.45 1/2, down 8 1/4 cents,
Nearby Cash was $4.36 5/8, down 8 1/4 cents,
Jul 24 Corn closed at $4.58 1/2, down 8 1/2 cents,
Dec 24 Corn closed at $4.81 1/4, down 7 1/4 cents,
New Crop Cash was $4.45 1/1, down 7 1/8 cents,
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