Corn futures are showing 7 to 8 cent losses so far on Wednesday. There was just 1 delivery notice against July futures overnight. The CmdtyView national average Cash Corn price is 7 ½ cents lower at $4.05 1/4.
EIA data from this morning showed a total of 1.093 million barrels per day of ethanol production in the week of July 3, back down 24,000 bpd from the week prior. Ethanol stocks saw a draw of 762,000 barrels to 23.928 million barrels. Ethanol exports were up 74,000 bpd to 200,000 bpd, with refiner inputs of ethanol down 20,000 bpd to 901,000 bpd.
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USDA’s Export Sales report will be out on Thursday morning, with traders looking for old crop business to total between 0.6-1.1 MMT in the week of July 2. New crop is seen between 600,000 and 900,000 MT.
Monthly Census data showed corn exports during May at 7.252 MMT (284.5 mbu), which was shy of the 2020/21 record and the third larger May on record. That was up 0.18% from a year ago but down 3.62% from a year ago. Distillers exports were 1.081 MMT, the second largest May on record. Ethanol exports were a record 189.65 million gallons, up 6.59% from last year and 7.22% above April.
Jul 26 Corn is at $4.35 1/2, down 7 cents,
Nearby Cash is at $4.05 1/4, down 7 1/2 cents,
Sep 26 Corn is at $4.36 1/4, down 7 1/2 cents,
Dec 26 Corn is at $4.57 1/4, down 7 cents,
New Crop Cash is at $4.08 1/2, down 7 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.
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