Corn Back to Lower at Midday
Corn futures are felling some spillover pressure from wheat, as contracts are down ½ to 2 cents at midday. New crop December is 1 ½ cents lower.
EIA data from this morning showed a sharp 73,000 barrel per day drop to ethanol production in the week that ended on April 12. That left production at a 12-week low at 983,000 bpd. Stocks did see some draw, down 128,000 barrels to 26.08 million barrels.
Export Sales data will be updated on Thursday, with the trade expecting to see anywhere from 300,000 MT to 900,000 MT of old crop corn sold in the week of 4/11. New crop bookings are seen at 0-100,000 MT. A couple private purchases by South Korean feed importers were noted overnight, totaling 138,000 MT with the US or South American a likely origin.
Private forecaster Cordonnier has dropped projected Argentine corn production to 50 MMT, joining the BAGE in lowering yield estimates due to disease pressure. USDA was at 55 MMT in the April WASDE report.
May 24 Corn is at $4.30 1/2, down 1/2 cent,
Nearby Cash is at $4.13 1/4, down 3/8 cent,
Jul 24 Corn is at $4.41 3/4, down 1 cent,
Dec 24 Corn is at $4.65 3/4, down 1 1/2 cents,
New Crop Cash is at $4.28 1/2, down 1 3/8 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.