Corn Closes Mixed as Nearbys Turn Higher
Corn futures ended mixed Wednesday, with nearby contracts up 2–3 cents and December down ½ cent. Rain forecasts may slow planting but aid early crops. Cash corn averaged $4.17¾, up 3 cents. Ethanol output fell below 1 million bpd for the first time since September. Export sales data due Thursday; expectations range from 0.9–1.5 MMT for old crop.
Corn futures closed out the Wednesday session with contracts 2 to 3 cents higher in the nearbys, as new crop December was down just ½ cent. May rolled off the board at the close. The nearby CmdtyView national average Cash Corn price was up 3 cents at $4.17 3/4.
Rains are expected to be widespread this next week from the Northern Plains to the ECB. This may limit some planting progress, but will be welcomed for crops already in the ground.
Export Sales data will be released on Thursday morning, with the trade looking for corn bookings to total 0.9 to 1.5 MMT for old crop in the week of May 8. New crop sales are pegged to total 350,000 to 600,000 MT.
EIA’s weekly report showed a total of 993,000 barrels per day of ethanol produced in the week of May 9, a drop of 27,000 bpd from the week prior and the first time being below 1 million bpd since September. Stocks were building despite the output hike, up 254,000 barrels to 25.445 million barrels. Refiner inputs were up 43,000 barrels to 929,000 bpd.
May 25 Corn closed at $4.38 1/2, up 2 1/2 cents,
Nearby Cash was $4.17 3/4, up 3 cents,
Jul 25 Corn closed at $4.45 1/2, up 3 cents,
Dec 25 Corn closed at $4.40 1/2, down 1/2 cent,
New Crop Cash was $3.98 1/1, down 1/2 cent,
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Source : Barchart
