Corn Rebounds on Wednesday

Austin Schroeder Barchart Wed Jun 4, 5:18PM CDT
Pile of yellow corn by ivoris via iStock

Corn futures posted Wednesday gains of fractionally to 5 1/4 cents, as July continues to be on the selling side of the bear spreading. The front month CmdtyView national average Cash Corn price was up 1/4 cent at $4.14 1/4. 

EIA data from this morning showed the weekly ethanol production exploding to match the mid-March high at 1.105 million barrels per day in the week ending on May 30. That was up another 49,000 barrels per day. Stocks ticked up just 159,000 barrels to 24.44 million barrels. Refiner inputs of ethanol in that week dropped 37,000 bpd to 902,000 bpd, as ethanol exports jumped 84,000 bpd to 150,000 bpd, an 8-week high.

Export sales data will be released on Thursday, with traders looking for 0.775 to 1.4 MMT in old crop business, with new crop seen at 20,000 to 250,000 MT. 

ANEC estimates Brazilian corn exports at 835,660 MT in June, which would be below 982,812 MT in the same month last year.

Jul 25 Corn  closed at $4.38 3/4, up 1/4 cent,

Nearby Cash  was $4.14 1/4, up 1/4 cent,

Sep 25 Corn  closed at $4.28, up 4 1/2 cents,

Dec 25 Corn  closed at $4.43 3/4, up 5 1/4 cents,

New Crop Cash  was $4.00 3/8, up 5 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. For more information please view the Barchart Disclosure Policy here.