Corn shot higher in early morning trade, but are fading lower on Wednesday. Contracts are down 3 to 4 cents across most nearby months at midday.
EIA data from this morning showed that 1 million barrels per day of ethanol was produced during the week of 5/10. That was a 35,000 bpd increase from last week. Stocks were building during that week, up 289,000 barrels to 24.489 million.
Export Sales data is expected to show net sales of 0.7-1.05 MMT for the 23/24 marketing year in the week that ended on May 9. New crop bookings are seen in a range of 0-150,000 MT.
Jul 24 Corn is at $4.63 1/2, down 4 cents,
Nearby Cash is at $4.40, down 4 cents,
Sep 24 Corn is at $4.74 1/2, down 3 1/2 cents,
Mar 25 Corn is at $4.99 1/2, down 3 1/2 cents,
New Crop Cash is at $4.51 1/8, down 3 3/8 cents,
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