Corn Market News and Commentary

Corn futures settled with fractional to 2 1/4 cent gains on Wednesday. Weekly EIA data showed ethanol production in the week of April 5 up 3,000 barrels per day to 1.002 million bpd. Stocks in that week saw the largest weekly draw down since October, 799,000 barrels lower at 23.193 million barrels. The Rockies and Gulf were the only regions to build stocks. Analysts are estimating old crop export sales of 0.6-0.9 MMT for the week that ended on 4/4, with new crop at 50,000-200,000 MT. The Rosario Grain Exchange estimates the Argentine corn crop at 48 MMT, up 0.7 from their previous number and compared to USDA’s 47 MMT.

May 19 Corn closed at $3.61 3/4, up 1 3/4 cents,

Jul 19 Corn closed at $3.70 3/4, up 2 1/4 cents,

Sep 19 Corn closed at $3.79, up 1 3/4 cents

Dec 19 Corn closed at $3.90 3/4, up 1 1/2 cents

--provided by Brugler Marketing & Management




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