Corn Back to Lower at Midday

Corn field blue sky by Alberto Masnovo via iStock

Corn futures are trying to slow the bleeding, getting some help from the other grains. Contracts are steady to 1 ½ cents lower on the midday session. 

The weekly EIA report showed 1.043 million barrels per day of ethanol was produced during the week of 6/21. That was a 14,000 bpd drop on the week. Stocks saw a draw of 194,000 barrels from the previous Friday to 23.423 million barrels.

With the Export Sales report on Thursday, the trade range of estimates is for old crop corn bookings of 0.4 to 1.1 MMT in the week that ended on June 20. New crop sales are seen in a range of 0 to 200,000 MT.

The June Acreage report from USDA will be out on Friday, with the average trade estimate calling for a 317,000 acre increase to corn at 93.353 million acres. The trade range of public estimates is 89 to 91.3 million acres. Grain Stock data released on Friday is expected to show 4.873 bbu of corn stocks as of June 1, which is 770 mbu above a year ago. The range of guesses is a wide 338 mbu, from 4.675 to 5.013 bbu.

Jul 24 Corn is at $4.24 3/4, down 3/4 cent,

Nearby Cash is at $4.11 1/4, down 3/4 cent,

Sep 24 Corn is at $4.30 3/4, down 1 cent,

Dec 24 Corn is at $4.41 1/2, down 1 1/2 cents,

New Crop Cash is at $4.07 1/8, down 1 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.