Corn Closes Higher, EIA Reports Increased Ethanol Output
Corn futures closed Wednesday’s session with fractional to 3 ¼ cent gains, ahead of June serial options’ expiration on Friday against July contracts. The EIA petroleum report revealed a 19,000 bpd rise in ethanol production to 1.019 million barrels per day, with stocks down 277,000 barrels to 24.212 million barrels. USDA’s Export Sales report anticipates corn bookings between 500,000 MT and 1.2 MMT, with new crop expected in the 250,000-450,000 MT range. Agroconsult estimates Brazil’s second corn crop at 96.7 MMT, a 10.5% decrease from last year.
Corn futures ended the Wednesday session with contracts showing fractional to 3 ¼ cent gains. June serial options expire against the July contract on Friday.
The weekly EIA petroleum report showed 1.019 million barrels per day in ethanol production during the week that ended on May 17, a 19,000 bpd increase over the previous week. Stocks saw a draw after building last week, down 277,000 barrels to 24.212 million barrels as of that date.
USDA’s Export Sales report is expected to see between 500,000 MT and 1.2 MMT of corn bookings in the week that ended on May 16. New crop is expected to be in the middle of the 250,000-450,000 MT range by the trade.
Agroconsult estimates the Brazilian second corn crop at 96.7 MMT, a drop of 10.5% from the year prior and more than 10 MMT above where the currently CONAB estimate sits.
Source Link: https://www.nasdaq.com/articles/corn-closes-higher-eia-reports-increased-ethanol-output
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