Austin Schroeder
1 min read
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Corn futures are showing some continued bear spreading on Wednesday, with July down ¼ cent ahead of Friday’s options expiration, as other contracts are up 4 to 5 cents. Support is coming from a rally in the wheat market. The front month CmdtyView national average Cash Corn price is down 1/4 cents at $4.08.
The weekly EIA report showed ethanol production dropping back by 11,000 barrels per day from the previous record to 1.109 million barrels per day. Ethanol stocks across the US were back up 386,000 barrels to 24.12 million barrels. Ethanol exports were up 12,000 barrels per day to 163,000 bpd, with refiner inputs of ethanol up 5,000 bpd to 910,000 bpd.
The markets will be closed on Thursday in observance of Juneteenth, with the government closed as well and reports pushed back a day. Export Sales data will be out on Friday morning, with traders looking for 600,000 MT to 1.2 MMT in corn bookings for 2024/25 in the week ending on June 12. New crop business is seen at 0-200,000 MT.
Jul 25 Corn is at $4.31 1/4, down 1/4 cent,
Nearby Cash is at $4.08, down 1/4 cent,
Sep 25 Corn is at $4.28 1/4, up 4 1/2 cents,
Dec 25 Corn is at $4.43 1/2, up 4 3/4 cents,
New Crop Cash is at $4.01 1/2, up 4 1/2 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. This article was originally published on Barchart.com
