Corn price action is steady on Thursday AM trade, with front months down a penny to fractionally higher in some new crop. Futures posted 4 ¾ to 8 ¼ cent gains across most contracts on Wednesday. Open interest was down 10,378 contracts on the midweek session, mostly coming out of the May contract (18,834 contracts). The CmdtyView national average Cash Corn price was up 8 1/2 cents at $4.14 3/4.
Some premium may have been put in the market as rain is expected over the next week in the central and eastern Corn Belt following recent precip, though it is still early to be talking major planting delays.
EIA data showed ethanol production at 1.12 million barrels per day in the week of 4/10, a 4,000 bpd increase from the week prior. Stocks saw a build of 646,000 million barrels to 26.699 million barrels. Exports dropped 122,000 barrels per day from the week prior to 81,000 bpd, as refiner in puts were down 20,000 bpd to 875,000 bpd.
Export Sales data will be released on Thursday morning, with traders looking for corn business for old crop at 0.8-1.8 MMT, with new crop at 0-150,000 MT.
May 26 Corn closed at $4.51 1/4, up 8 1/4 cents, currently down 1 cent
Nearby Cash was $4.14 3/4, up 8 1/2 cents,
Jul 26 Corn closed at $4.60 1/2, up 8 cents, currently down 3/4 cent
Dec 26 Corn closed at $4.78, up 7 1/2 cents, currently up 1/4 cent
New Crop Cash was $4.35 1/2, up 8 1/4 cents,
On the date of publication, Austin Schroeder 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.
