Corn Futures Market News and Commentary
Corn and oats futures stood out as several of the ag futures fell on Wednesday. The front month corn futures were off their highs by as much as 7 cents, but were still 2 to 9 3/4 cents higher at the close. July futures traded in a wide -3 1/2 to +12 1/4 cent range on Wednesday. Oats Futures Prices were 5 to 8 1/4 cents higher, with 1.5% to 2.6% gains.
Weekly EIA data showed ethanol producers averaged 983k barrels per day output through the week that ended 5/19. That was a 4,000 barrel per day decrease from the week prior and was the 5th consecutive sub-1 million bpd week. Ethanol stocks were 1.15 million barrels lighter at 22.041 million.
Export Sales estimates for old crop corn range 500k MT of net cancelations to 400k MT of net new sales. New crop business is expected to be under 300k MT for the week that ended 5/18.
Brazil’s ANEC estimates May corn exports will total 387k MT, which is down from 571k MT in their prior forecast.
Ukraine’s Ag Ministry repor... Read more