On June 5, 2023, corn futures were mixed, with July down ½ cent to close at $4.19, while other contracts experienced fractional gains. The national average cash corn price remained steady at $3.86 1/4 per bushel.
The Energy Information Administration (EIA) reported ethanol production at 1.108 million barrels per day for the week of June 5, unchanged from the previous week. Ethanol stocks decreased by 154,000 barrels, totaling 24.452 million barrels, while exports rose by 20,000 barrels per day to 155,000. Refiner inputs of ethanol increased by 8,000 barrels to 907,000.
Looking ahead, the USDA’s monthly WASDE report is set for release on June 6. A Bloomberg survey anticipates a 6 million bushel cut to the U.S. carryout for old crop corn, now projected at 2.136 billion bushels, and a reduction of 10 million bushels for the new crop, estimated at 1.947 billion bushels. Brazilian corn production is expected to rise to 135.8 million metric tons, while Argentina’s output is projected to increase to 60.8 million metric tons.
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