Corn Closes with Slight Losses Ahead of Holiday
Corn futures settled with most contracts down ½ to 2 ½ cents on Wednesday, as July was up 1 ½ cents. The market will be closed on Thursday for Independence Day, with Friday a hard open at 8:30 am CDT.
EIA’s weekly report showed ethanol production totaling 1.064 million barrel per day in the week of June 28. That was an increase of 21,000 bpd from the week prior and a 4-week high. Ethanol stocks were up 171,000 barrels to 23.594 million barrels, as much of the increase came from the Gulf.
May exports were reported by Census this morning, tallying 5.97 MMT (235 mbu) of corn shipments. That took the third quarter total to 720 mbu, with the MY total at 1.666 bbu with 3 months left. Distiller exports in May totaled 1.01 MMT, a 3-year high and 4.35% above April’s total. May ethanol shipments were 154.4 million gallons, down 28% from last month, but a record for the month.
Ahead of Friday’s delayed Export Sales report, traders expect to see between 500,000 and 900,000 MT of old crop corn booked in the week that ended on June 27, with 0-400,000 MT for new crop.
Jul 24 Corn closed at $4.03 1/2, up 1 1/2 cents,
Nearby Cash was $3.92 3/4, down 1 1/2 cents,
Sep 24 Corn closed at $4.05 1/2, down 2 1/2 cents,
Dec 24 Corn closed at $4.19 1/2, down 1 3/4 cents,
New Crop Cash was $3.80 7/8, down 2 1/4 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 Barchart Disclosure Policy here.