Corn Creeps Lower into the Close

Yellow corn that has had its husks removed

Corn ended the midweek session with weakness, as contracts were down ¾ to 2 ½ cents on the day. New crop December led the way with the 2 ½ cent drop, with May down the ¾.

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. 

May 24 Corn  closed at $4.30 1/4, down 3/4 cent,

Nearby Cash   was $4.13 3/8, down 1/4 cent,

Jul 24 Corn  closed at $4.41, down 1 3/4 cents,

Dec 24 Corn  closed at $4.64 3/4, down 2 1/2 cents,

New Crop Cash   was $4.28 5/8, down 2 1/4 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.