Corn prices are posting higher trade action ahead of Export Sales data, with contracts up 4 to 5 cents. Futures bulls found some late session strength, with contracts closing steady in some deferred contracts to up 4 ¾ cents in the front month July.
Traders are expecting to see corn weekly Export Sales bookings in a range of 0.7-1.25 MMT for the 23/24 crop in this morning’s report for the week ending June 6. New crop sales are seen at 0-200,000 MT.
The EIA average daily ethanol production slowing to 1.023 million barrels per day during the week that ended on June 7. That was a drop of 49,000 bpd on that week. Stocks were building, up 170,000 barrels to 23.222 million.
USDA made no changes to the US supply/demand balance sheet on Wednesday. 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 had been 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 closed at $4.54 1/4, up 4 3/4 cents, currently up 4 1/4 cents
Nearby Cash was $4.39 5/8, up 6 cents,
Sep 24 Corn closed at $4.56 3/4, up 3 cents, currently up 4 cents
Dec 24 Corn closed at $4.68 3/4, up 3 1/2 cents, currently up 4 cents
New Crop Cash was $4.33 1/1, up 3 1/2 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Disclosure Policy here.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
