Corn Lower Despite Decent Ethanol Data

Corn futures are trading 1 to 3 3/4 cents lower in the front months at midday. This week’s EIA report indicated that 1.036 million barrels of ethanol was produced in the week of 5/3. That was a jump of 12,000 bpd from the week prior and 4,000 bpd shy of the same week last year. Ethanol stocks were down 227,000 barrels at 22.468 million barrels, which is the lowest since last July. A Reuters survey expects 18/19 US corn ending stocks to be up 20 mbu from April at 2.055 bbu. Initial new crop estimates are 2.131 bbu for corn carryout. A Bloomberg survey shows 2.154 billion. Analysts expect old crop export sales to total 500,000-800,000 MT in Thursday’s USDA Export Sales report, with 50,000-200,000 MT in new crop sales.

May 19 Corn is at $3.54 1/4, down 3 3/4 cents,

Jul 19 Corn is at $3.64 1/2, down 2 cents,

Sep 19 Corn is at $3.72 1/2, down 1 1/2 cents

Dec 19 Corn is at $3.82 1/4, down 1 1/2 cents

--provided by Brugler Marketing & Management

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