Corn Pushing Gains Into Thursday Morning Trade
Corn is extending the strength early on Thursday morning, with contracts up 4 to 5 cents ahead of the three day weekend. Futures found some strength on Wednesday, with some squaring things up ahead of the long weekend. Contracts were up 9 to 12 cents. Preliminary open interest was up just 1,334 contracts on Wednesday, suggesting a rotation of ownership. There were 73 deliveries against July futures overnight. The front month CmdtyView national average Cash Corn price was up 11 3/4 cents at $4.03 1/2.
Today will be the last trade day of the week due to Independence Day on Friday. The government will also be closed.
USDA’s Export Sales report will be released this morning, with traders looking for between 0.4 and 1 MMT of corn sold in the week of June 26. New crop is seen in a range of 500,000 to 900,000 MT.
The weekly EIA report from Wednesday showed 1.076 million barrels per day of ethanol in the week ending on June 27, down 5,000 bpd from the week prior. Ethanol stocks were down 287,000 barrels to 24.117 million barrels. Refiner inputs of ethanol were up 12,000 bpd to 925,000 bpd, with ethanol exports up 21,000 bpd to 131,000 bpd.
Jul 25 Corn closed at $4.29 1/4, up 9 1/4 cents, currently up 4 3/4 cents
Nearby Cash was $4.03 1/2, up 11 3/4 cents,
Sep 25 Corn closed at $4.18, up 12 cents, currently up 4 cents
Dec 25 Corn closed at $4.33 1/2, up 11 1/2 cents, currently up 4 3/4 cents
New Crop Cash was $3.92 1/4, up 12 1/4 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.
