Corn prices are modestly lower at midday on Wednesday, down 2 to 3 ½ cents with nearby July the weakest. Perceptions of generally good growing weather in the US over the next week are the main feature.
The weekly EIA ethanol report showed average daily production of 1.072 million barrels for the week ending May 31. That was up from 1.068 million the previous week. Ethanol stocks dropped 155,000 barrels to 23.052 million barrels, with the East Coast, Midwest and Gulf all lower, while the West Coast inventory increased.
Trade ideas for tomorrow’s USDA weekly export sales report are running 550,000 to as much as 1.2 MMT for the week ending May 30. New crop sales notions run zero to 300,000 MT.
Crop Progress data from Monday afternoon showed initial NASS crop ratings at 75% gd/ex for corn. That is a 385 on the Brugler500 index, the best start to the year since the 391 in 2018. Compared to the same week last year, just CO, KY, TN, TX, and WI were seen to have worse ratings.
Jul 24 Corn is at $4.39, down 3 1/2 cents,
Nearby Cash is at $4.20 1/2, down 3 1/4 cents,
Sep 24 Corn is at $4.46 1/4, down 2 cents,
Dec 24 Corn is at $4.59 1/2, down 2 1/2 cents,
New Crop Cash is at $4.23 3/4, down 2 1/8 cents,
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