Corn

Corn futures are mostly 1 to 1 1/4 cents higher this morning. They closed steady to fractionally lower on Wednesday ahead of today’s USDA reports. The weekly EIA report showed ethanol production for the week of May 4 rising 8,000 barrels per day from the previous week to 1.04 million barrels. Ethanol stocks dropped 178,000 barrels to 21.964 million barrels. Analysts are expecting to see 0.7-1 MMT in weekly old crop corn export sales tomorrow morning, with 50,000-300,000 MT estimated for new crop sales. World corn carryout for 17/18 is expected to be cut 2.6 MMT to 195.18 MMT by the USDA tomorrow. Ending stocks for 18/19 are seen at 183.6 MMT by analysts, a nearly 14 MMT drop from the current USDA 17/18 ending stocks.




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