Corn futures are mostly 1 to 2 cents lower on Wednesday. The weekly EIA report showed 1.034 million barrels per day of ethanol was produced during the week of 4/6. That was down 4,000 bpd from the previous week. On a bullish note, ethanol stocks dropped 579,000 barrels to the lowest level since early November at 21.846 million barrels. In Tuesday’s monthly supply and demand report, the USDA trimmed the average farm price range by 10 cents to $3.20-3.50, with the midpoint remaining at $3.35. Analysts are expecting the USDA to show 0.9-1.4 MMT of old crop export sales during the week of 4/5 in Thursday’s Export Sales report, with new crop at 0-300,000 MT.

May 18 Corn is at $3.88 1/4, down 1 cent,

Jul 18 Corn is at $3.96 3/4, down 1 cent,

Sep 18 Corn is at $4.04, down 3/4 cent

Dec 18 Corn is at $4.12 1/2, down 1 1/2 cents

Market Commentary provided by:

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