Corn futures are down 2 to 4 ½ cents in the front months on Wednesday. The CmdtyView national average Cash Corn price is down 1 cent at $4.13 1/4. Crude Oil is weaker, down $1.56 as the Middle East situation has cooled off after a post from President Trump suggested Iran is looking for a ceasefire.
EIA data from this morning showed ethanol at a total of 1.075 million barrels per day in the week ending on 3/27. That was a 41,000 bpd drop on the week. Stocks saw a 1.179 million barrel draw, mostly in the Midwest and Gulf, to 25.991 million barrels. Exports were up 4,000 bpd to 123,000 bpd, as refiner inputs were 14,000 bpd to 903,000 bpd.
Export Sales data will be out on Thursday, with traders looking for 0.9-1.6 MMT of old crop corn sold in the week of 3/26, with new crop seen 0-100,000 MT.
USDA’s annual March Prospective Plantings report from Tuesday morning showed a total of 95.338 million acres of corn expected to be planted this spring. That would be a 3.45 million acre drop from a year ago if realized, but was above the 94.37 million acres average trade guess. The survey of producers was done in the first two weeks of March.
Grain Stocks data was tallied at 9.024 billion bushels for March 1. That was 89 mbu below the average trade guess but still an increase of 887 mbu from a year ago. December 1 stocks were revised 23 mbu higher to 13.306 bbu.
May 26 Corn is at $4.53 1/4, down 4 1/2 cents,
Nearby Cash is at $4.13 1/4, down 1 cent,
Jul 26 Corn is at $4.64, down 4 1/4 cents,
Dec 26 Corn is at $4.80 1/2, down 3 3/4 cents,
New Crop Cash is at $4.38 1/4, down 2 1/2 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.
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