Corn Bulls Struggling Despite Positive Demand
Corn is trading with Thursday midday losses of 3 to 5 cents despite export business and an improvement in ethanol demand. The front month CmdtyView national average Cash Corn price was 5 cents at $4.20.
USDA reported a couple private export sales of corn this morning, with 104,000 MT sold to Mexico and 101,096 MT to unknown destinations for 2024/25 shipment.
The delayed EIA report showed ethanol production rising by 20,000 barrels per day to 1.056 million bpd in the week of May 23. That was an 8 week high. Ethanol stocks fell back 663,000 barrels to 24.281 million barrels. Refiner inputs of ethanol were up 20,000 bpd to 939,000 bpd, as gasoline product supplied (implied demand) was the largest since October at 9.452 million barrels per day.
Late on Wednesday, a Federal trade court ruled that President Trump’s liberation day tariffs were illegal, and he has exceeded his authority. The court gave the President 10 days to complete a process of halting the tariffs, while the white house is appealing the ruling.
Export Sales data will be out on Friday, with traders looking for 0.75 to 1.4 MMT in corn business for 2024/25 and 25,000 to 400,000 MT for new crop.
Jul 25 Corn is at $4.46, down 5 cents,
Nearby Cash is at $4.20, down 5 cents,
Sep 25 Corn is at $4.26 1/2, down 3 1/4 cents,
Dec 25 Corn is at $4.40 1/4, down 3 1/4 cents,
New Crop Cash is at $3.99 1/2, down 3 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.