Corn price action is down 2 to 3 ¼ cents so far on Thursday morning. Futures slipped off the early gains on the Wednesday session, with July down ½ cent and other contracts fractionally to 2 1/4 cents higher. The roll out of July continues, with open interest down 38,919 contracts, with September up 33,989 contracts. The CmdtyView national average Cash Corn price was steady at $3.86 1/4.
EIA’s weekly update showed a total of 1.108 million barrels per day of ethanol production in the week of June 5, steady with the week prior. Ethanol stocks were down 154,000 barrels to 24.452 million barrels. Ethanol exports were up 20,000 bpd to 155,000 bpd, with refiner inputs of ethanol up 8,000 bpd to 907,000 bpd.
Export Sales data will be released this morning, with traders looking for old crop business between 0.7 and 1.6 MMT in the week ending on June 4. New crop sales are seen in a range of 200,000 to 500,000 MT.
USDA will release their monthly WASDE report later today, with a Bloomberg survey of traders looking for a 6 mbu cut to old crop corn US carryout at 2.136 bbu, with new crop seen at 1.947 bbu, a 10 mbu reduction if realized.
Brazil production is seen up 0.8 MMT to 135.8 MMT, with Argentina up 1.8 MMT to 60.8 MMT according to the average estimates. CONAB data was released this morning, with the 2025/26 crop pegged at 140.46 MMT, up 0.29 MMT from last month. The first crop was raised by 0.88 MMT to 28.46 MMT, with the second crop down 0.58 MMT to 107.87 MMT
Jul 26 Corn closed at $4.19, down 1/2 cent, currently down 3 1/4 cents
Nearby Cash was $3.86 1/4, unch,
Sep 26 Corn closed at $4.27 3/4, up 1/4 cent, currently down 3 1/4 cents
Dec 26 Corn closed at $4.46 3/4, up 1 1/2 cents, currently down 2 cents
New Crop Cash was $4.01, up 1/2 cent,
