Futures are pulling back after a couple weeks of rallying and a USDA report on the horizon. Contracts are down anywhere from 6 to 8 cents across most front months on the midweek session.
Weekly EIA data showed ethanol production at 965,000 barrels per day for the week that ended on May 3. That was a 22,000 bpd drop from the previous week. Stocks of ethanol were tallied at 24.2 million barrels, a sharp 1.288 million barrel draw on the week, mainly out of the Midwest region.
With Export Sales data released on Thursday, the trade is expecting to see net old crop sales of 600,000 MT to 1.1 MMT in the week that ended on 5/2. New crop is seen in a range of 0-150,000 MT.
Ahead of Friday’s reports the trade estimated old crop US carryout will be trimmed by 28 mbu to 2.094 bbu. The initial new crop number is seen at 2.282 bbu according to a Bloomberg poll of analysts.
May 24 Corn is at $4.46 1/2, down 7 1/4 cents,
Nearby Cash is at $4.37 5/8, down 7 1/4 cents,
Jul 24 Corn is at $4.59 3/4, down 7 1/4 cents,
Dec 24 Corn is at $4.82 1/4, down 6 1/4 cents,
New Crop Cash is at $4.45 3/8, down 6 5/8 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.
