Corn Falters to Weakness on Wednesday

Corn futures faded the early gains on Wednesday, with contracts closing anywhere from 2 1/4 to 5 cents lower. 

Weather through the weekend shows much of the WCB drier, with portions of the Southern ECB with expected precip nearing 1-1.5 inches. The WCB looks wetter getting into next week.

EIA data from Wednesday morning showed that 1 million barrels per day of ethanol was produced during the week of 5/10. That was a 35,000 bpd increase from last week. Stocks were building during that week, up 289,000 barrels to 24.489 million. 

Export Sales data is expected to show net sales of 0.7-1.05 MMT for the 23/24 marketing year in the week that ended on May 9. New crop bookings are seen in a range of 0-150,000 MT.

Jul 24 Corn closed at $4.62 1/2, down 5 cents,

Nearby Cash was $4.39 1/4, down 4 7/8 cents,

Sep 24 Corn closed at $4.73 1/4, down 4 3/4 cents,

Mar 25 Corn closed at $4.99 1/4, down 3 3/4 cents,

New Crop Cash was $4.50, down 4 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.