Corn Turns Lower Following Drop to Ethanol Production
On Wednesday, corn futures retreat slightly, with front-month losses of 1 to 2 cents, while New Crop December sees a modest increase of ½ cent. EIA’s weekly petroleum report notes ethanol production at 954,000 barrels/day, down 29,000 bpd from the previous week. Ethanol stocks drop for the third consecutive week to 25.733 million barrels. Export Sales data is anticipated to reveal old crop corn bookings of 400,000 to 900,000 MT, with new crop sales expected at 25,000 to 350,000 MT. Corn futures prices vary.
Corn futures are pulling back in the front months on Wednesday, with losses of 1 to 2 cents. New Crop December is up ½ cent at midday.
EIA’s weekly petroleum report tallied ethanol production at 954,000 barrels per day in the week that ended on April 19. That was a 29,000 bpd drop on the week and takes the two week drop to 102,000 bpd. Stocks were pegged at 25.733 million barrels, down 347,000 barrels from the week prior and the third weekly draw in a row.
Export Sales data is expected to show 400,000 to 900,000 MT of old crop corn booked in the week of 4/18. New crop sales are seen at 25,000 to 350,000 MT in total bookings.
May 24 Corn is at $4.41 1/4, down 1 3/4 cents,
Nearby Cash is at $4.26 5/8, down 1 3/4 cents,
Jul 24 Corn is at $4.52, down 1/2 cent,
Dec 24 Corn is at $4.75 1/4, up 1/2 cent,
Source Link : https://www.nasdaq.com/articles/corn-turns-lower-following-drop-to-ethanol-production
