Corn Continue Strength on Wednesday
Corn futures rounded out the midweek session with contracts showing fractional to 2 cent gains across most contracts. The Western Corn Belt remains dry for the next week, with some mild showers expected in the three main Eastern Corn Belt States.
The weekly EIA ethanol production report showed a drop of 11,000 barrels per day in average daily production last week to 1.095 million bpd, implying slightly less corn use. That decline appeared to be tied to weaker nearby demand, as ethanol stocks rose 563,000 barrels for the week to 23.7 million barrels.
The trade is estimating 2023/24 corn export sales will land in between a range of 200,000 to 700,000 MT for the week that ended on July 18. Ideas new crop at totaling 100,000 to 600,000 MT for Thursday’s weekly USDA Export Sales report.
Sep 24 Corn closed at $4.03 3/4, up 1 1/4 cents,
Nearby Cash was $3.97 7/8, up 3/4 cent,
Dec 24 Corn closed at $4.18, up 3/4 cent,
Mar 25 Corn closed at $4.32 1/4, up 1 cent,
New Crop Cash was $3.81 1/1, up 1 cent,
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 Barchart Disclosure Policy here.