Corn futures started selling as trading resumed on Wednesday night and extended the weakness into Thursday’s midday. Contracts are down 8 to 10 cents so far on the day, despite a solid round of EIA data.
July options expire on Friday, with the heaviest open interest among all options in the July 450 calls.
Weekly delayed EIA data showed a 34,000 barrel per day increase in ethanol production during the week that ended on June 14 to 1.057 million bpd. Stocks were also on the rise, despite a 19,000 bpd increase in ethanol blender inputs, as they were building by 395,000 barrels to 23.62 million.
Jul 24 Corn is at $4.41 3/4, down 8 1/4 cents,
Nearby Cash is at $4.26 3/8, down 8 cents,
Sep 24 Corn is at $4.46 1/4, down 9 1/2 cents,
Dec 24 Corn is at $4.58 1/2, down 9 1/4 cents,
New Crop Cash is at $4.22 1/8, down 9 1/2 cents,
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