Corn

Corn futures closed the day with most contracts 1 to 3 cents in the red, pressured by soybeans. This week’s EIA report indicated that 1.058 million barrels per day of ethanol was produced in the week that ended 5/11. That was 18,000 bpd more than the previous week and the largest weekly production (and implied corn consumption) total since mid-February. Ethanol stocks were 21.505 million barrels, down 459,000 barrels from the previous week with both Coasts shrinking stocks. The news channels show little apparent progress on the NAFTA negotiations. The USDA Weekly Export Sales report on Thursday is expected to show 0.7-1 MMT in old crop corn sales, with 50,000-200,000 MT for new crop in the week of May 10.

Jul 18 Corn closed at $3.99 1/4, down 3 cents,

Sep 18 Corn closed at $4.07 1/2, down 3 cents,

Dec 18 Corn closed at $4.17, down 2 1/4 cents

Mar 19 Corn closed at $4.25 1/2, down 1 3/4 cents




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