Corn futures are trading with 1 to 2 cent gains so far on Wednesday. There were 36 deliveries against May futures overnight. The CmdtyView national average Cash Corn price is up 2 cents to $4.41.
Weekly EIA data from this morning showed a 65,000 barrel per day hike in ethanol output in the week ending on May 8, taking the total to 1.082 million bpd. Ethanol stocks saw a draw of 1.15 million barrels to 24.87 million barrels. Ethanol exports were up 23,000 barrels per day to 162,000 bpd, with refiner inputs up 6,000 bpd to 908,000 bpd.
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The May WASDE report from Tuesday saw a 15 mbu increase to the US ending stocks projection to 2.142 bbu. The first 2026/27 US balance sheet from the World Ag Outlook Board showed an ending stocks at 1.957 bbu. On the world side, Brazil production was raised 3 MMT by USDA to 135 MMT, with Argentina up 7 MMT to 59 MMT.
Export Sales data will be released on Thursday, with traders looking for old crop corn business in the week of 5/7 at 1 to 1.9 MMT. New crop sales are seen at 0 to 300,000 MT.
Jul 26 Corn is at $4.81 3/4, up 1 3/4 cents,
Nearby Cash is at $4.41, up 2 cents,
Sep 26 Corn is at $4.88, up 1 3/4 cents,
Dec 26 Corn is at $5.03 1/2, up 1 1/2 cents,
New Crop Cash is at $4.57 3/4, up 1 1/2 cents,
On the date of publication,
Austin Schroeder
did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.
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