The corn market is 4 to 5 cents higher ahead of the weekly USDA Export Sales report release. Corn prices were down 2 ½ to 3 ¼ cents on Wednesday, marking the 6th consecutive lower close for some contracts. Perceptions of generally good growing weather in the US over the next week were the main feature, with December taking the brunt of the selling.
Trade ideas for the 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.
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. Corn use for ethanol is running slightly ahead of the pace needed to meet the USDA full year forecast. Ethanol stocks dropped 155,000 barrels to 23.052 million barrels (a 5 month low), with the East Coast, Midwest and Gulf all lower, while the West Coast inventory increased.
Jul 24 Corn closed at $4.39 1/4, down 3 1/4 cents, now up 5 1/2
Nearby Cash was $4.21 7/8, down 2 7/8 cents,
Sep 24 Corn closed at $4.45 3/4, down 2 1/2 cents,
Dec 24 Corn closed at $4.59, down 3 cents, currently up 5 cents
New Crop Cash was $4.22 1/1, down 2 7/8 cents,
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