The corn market is showing gains of 1 to 2 ¼ cents so far on Thursday AM trade. 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. Preliminary open interest showed July down 12,074 contracts on Wednesday, with September up 4,852 contracts and December 2,342 increasing contracts.  The front month CmdtyView national average Cash Corn price was up 1/4 cent at $4.14 1/4. 

Export sales data will be released this morning, with traders looking for 0.775 to 1.4 MMT in old crop business during the week of May 29, with new crop seen at 20,000 to 250,000 MT. 

EIA data from Wednesday 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.

A South Korean importer tendered for a total of 210,000 MT of corn in a tender this morning.

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, currently up 2 1/4 cents

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

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

Dec 25 Corn  closed at $4.43 3/4, up 5 1/4 cents, currently up 1 1/2 cents

New Crop Cash  was $4.00 3/8, up 5 cents,