Corn futures are trading with 7 to 9 cent gains at midday, with spillover support from wheat. The CmdtyView national average Cash Corn price is up 8 1/2 cents at $4.30 3/4.
EIA’s weekly Petroleum Status Report showed ethanol production back up 54,000 bpd in the week of 7/17 after the previous drop, to 1.094 million bpd. Stocks were up just 90,000 barrels in that week to 24.481 million barrels. Exports were back up 77,000 bpd to 158,000 bpd, with refiner inputs of ethanol rising 32,000 bpd to 938,000 bpd.
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Export Sale data will be out on Thursday, with traders looking for between 400,000 and 800,000 MT of old crop corn sales in the week of July 16, New crop is estimated in a range of 400,000 to 800,000 MT according to a Reuters poll of analysts.
The 7-day QPF from NOAA showed a band of 1 to 2 inches of rain in parts of NE, KS, and MO, as well as OH in the next week. The Dakotas, MN, WI, IA, IL, and IN remain on the drier side, with less than 0.5 inches expected.
A couple South Korean importers purchased a total of 142,000 to 208,000 MT of corn in separate tenders overnight. Brazil’s ANEC estimate the country’s corn exports in July at 3.7 MMT, a slight improvement over last week’s estimate of 3.44 MMT.
Sep 26 Corn is at $4.60, up 7 1/4 cents,
Nearby Cash is at $4.30 3/4, up 8 1/2 cents,
Dec 26 Corn is at $4.83 1/4, up 8 cents,
Mar 27 Corn is at $4.98 3/4, up 7 3/4 cents,
New Crop Cash is at $4.34 1/2, up 8 3/4 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.
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