Corn prices are 3 to 5 cents higher than the Thursday close as we head into the weekly USDA Export Sales release. Corn futures closed the Thursday session with contracts down 6 to 8 cents in most front months, a risk off approach ahead of month end triggered selling across much of the ag commodity sector.
Thursday's EIA report showed a 49,000 barrel per day increase to ethanol production during the week that ended May 24th. That took the week’s daily production to 1.068 million barrels. Ethanol stocks at 23.207 million barrels were down 1.005 million vs. the week prior and the lowest stocks total since mid-December. Exports were pegged at 212,000 barrels per day, a record since EIA began keeping track since last May.
USDA’s Export Sales this morning is expected by surveyed traders to show 0.6-1 MMT in old crop corn sales for the week ending on May 23. New crop business is seen totaling between 0-400,000 MT.
Jul 24 Corn closed at $4.48 3/4, down 6 1/2 cents, currently up 4 ¾ cents
Nearby Cash was $4.29 3/8, down 6 1/4 cents,
Sep 24 Corn closed at $4.57 3/4, down 7 1/4 cents, currently up 4 cents
Dec 24 Corn closed at $4.71, down 7 3/4 cents, currently up 3 1/2 cents
New Crop Cash was $4.35 5/8, down 8 3/4 cents,
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