Corn Extending Gains on Friday Morning
Corn is trading with contracts 1 to 3 cents higher so far early on Friday. Futures posted gains across most contracts on Wednesday with contracts 2 to 6 cents higher, as nearby July was up 2 cents. Preliminary open interest dropped 10,155 contracts, with July down 34,737 and September up 18,455. July options expire today. The front month CmdtyView national average Cash Corn price was up 1/4 cents at $4.08.
The next week is looking for heavy rains from NE, the southeast corner or SD, MN, WI and parts of MI in the next week totaling from 1 to up to 5 inches in some parts. The Southern Plains, through MO and the Eastern Corn Belt is looking at little totals. Heat is expected to hit much of the Corn Belt, with the 5-10 day looking 7-15˚F in in the ECB.
Wednesday’s EIA report showed ethanol production dropping back by 11,000 barrels per day from the previous record to 1.109 million barrels per day. Ethanol stocks across the US were back up 386,000 barrels to 24.12 million barrels. Ethanol exports were up 12,000 barrels per day to 163,000 bpd, with refiner inputs of ethanol up 5,000 bpd to 910,000 bpd.
Export Sales data will be out this morning, with traders looking for 600,000 MT to 1.2 MMT in corn bookings for 2024/25 in the week ending on June 12. New crop business is seen at 0-200,000 MT.
Jul 25 Corn closed at $4.33 1/2, up 2 cents, currently up 1 1/2 cents
Nearby Cash was $4.10 1/4, up 2 1/4 cents,
Sep 25 Corn closed at $4.29, up 5 1/4 cents, currently up 2 1/4 cents
Dec 25 Corn closed at $4.44, up 5 1/4 cents, currently up 2 1/2 cents
New Crop Cash was $4.01 1/8, up 5 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.