Corn Fading Back Lower on Wednesday

Austin Schroeder Barchart Wed May 7, 12:22PM CDT
Corn, blue sky - by Skitterphoto via Pixabay

Corn futures are fading off the early Wednesday strength, with contracts down 3 to 4 cents in the nearbys and new crop December up a penny. There were 13 new delivery notices against May corn futures overnight. The nearby CmdtyView national average Cash Corn price is down 3 1/2 cents at $4.22. 

EIA data showed a total of 1.02 million barrels per day of ethanol produced during the week ending on May 2. That was a drop of 20,000 bpd in that week. Stocks of ethanol were down 198,000 barrels to 25.191 million barrels. Refiner inputs of ethanol were down 22,000 bpd to 886,000 bpd, as exports slipped 12,000 bpd to 129,000 bpd.

USDA will release their first look at the US balance sheet next week, with a Reuters survey of analysts looking for a yield of 181.1 bpa. Production is expected to total 15.787 billion bushels.

A South Korean importer purchased a total of 66,000 MT of corn overnight, with another tendering for 140,000 MT.

May 25 Corn is at $4.44 1/4, down 3 1/4 cents,

Nearby Cash is at $4.22, down 3 1/2 cents,

Jul 25 Corn is at $4.52, down 3 1/2 cents,

Dec 25 Corn is at $4.42 1/4, up 1 cent,

New Crop Cash is at $4.01 3/4, up 1 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.