Corn futures are showing little price movement on the day, following the post-USDA report zig/zag. Contracts are steady to 3 cents lower at midday.
EIA data from this morning showed 1.023 million barrels per day of ethanol produced during the week that ended on June 7. That was a drop of 49,000 bpd on that week, the largest since early April. Stocks were in building mode, up 170,000 barrels to 23.222 million.
WASDE data from the USDA this morning showed no changes to the old crop corn balance sheet, leaving the carryout at 2.022 bbu, as WAOB decided to punt until they get a look at the June 28 Grain Stocks data. New crop data was also left unchanged, with ending stocks projected at 2.102 bbu.
On the world side, USDA left things for the South American production alone, with Argentina at 53 MMT and Brazil at 122 MMT. The trade has ben expecting a 2-3 MMT combined reduction in SoAm output. World stocks for 2023/24 were trimmed by 0.59 MMT to 312.39 MMT, with the new crop projection taken 1.5 MMT lower in the second official release to 310.77 MMT.
Jul 24 Corn is at $4.49 1/2, unch,
Nearby Cash is at $4.33 3/8, up 3/4 cent,
Sep 24 Corn is at $4.51 1/2, down 2 1/4 cents,
Dec 24 Corn is at $4.63 1/4, down 2 cents,
New Crop Cash is at $4.27 1/8, down 2 1/4 cents,
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