Corn Pushes Higher ahead of the Holiday on Spillover Support
Corn futures posted gains across most contracts on Wednesday with contracts 2 to 6 cents higher, as nearby July was up 2 cents. The front month CmdtyView national average Cash Corn price was up 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 closed at $4.33 1/2, up 2 cents,
Nearby Cash was $4.10 1/4, up 2 1/4 cents,
Sep 25 Corn closed at $4.29, up 5 1/4 cents,
Dec 25 Corn closed at $4.44, up 5 1/4 cents,
New Crop Cash was $4.01 1/8, up 5 1/4 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. For more information please view the Barchart Disclosure Policy here.