Corn futures are falling on Thursday’s midday, as a risk off approach is causing selling across much of the ag commodity sector. Contracts are down 6 to 8 cents at midday.
This morning's EIA report showed a 49,000 barrel per day increase to ethanol production during the week that ended on May 24th. That took the week’s daily production to 1.068 million barrels. Ethanol stocks on that date were tallied at 23.207 million barrels, down 1.005 million vs. the week prior and the lowest stocks total since mid-December.
USDA’s Export Sales report is out on Friday morning and expected to show 0.6-1 MMT in corn old crop sales for the week ending on May 23. New crop is seen totaling between 0-400,000 MT.
Jul 24 Corn is at $4.49 1/4, down 6 cents,
Nearby Cash is at $4.30 5/8, down 5 7/8 cents,
Sep 24 Corn is at $4.58, down 7 cents,
Dec 24 Corn is at $4.71 1/4, down 7 1/2 cents,
New Crop Cash is at $4.36, down 7 3/8 cents,
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