Corn Lower as Forecasts Show Dry Period Next Week

Corn futures saw 1 to 2 3/4 cent losses in most contracts on Wednesday. The 6-10 day outlook shows below normal chances for precip in most of IA and the ECB. 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. 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. Ahead of Friday’s USDA report, analysts expect Brazilian corn production to be increased by 0.7 to 96.7 MMT, with Argentina up 1 from last month at 48 MMT.

May 19 Corn closed at $3.55 1/4, down 2 3/4 cents,

Jul 19 Corn closed at $3.64 1/4, down 2 1/4 cents,

Sep 19 Corn closed at $3.72 1/4, down 1 3/4 cents

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

--provided by Brugler Marketing & Management

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