Corn Futures Experience Modest Gains Amid Weather Concerns
Corn futures concluded the Wednesday session with contracts rising by 2 to 3 cents for nearby months, while the new crop December contract dipped by just ½ cent. Notably, May contracts rolled off the board at closing. The nearby CmdtyView national average cash corn price increased by 3 cents to $4.17 3/4.
Weather Forecast Impacts Planting Progress
Widespread rains are predicted for the upcoming week, stretching from the Northern Plains to the Eastern Corn Belt. This weather may restrict some planting progress but will benefit crops already established in the ground.
Upcoming Export Sales Data
Export Sales data is set to be released on Thursday morning. Analysts anticipate that corn bookings will reach between 0.9 and 1.5 million metric tons (MMT) for old crop during the week of May 8. New crop sales are expected to range from 350,000 to 600,000 metric tons.
Ethanol Production Trends
The Energy Information Administration (EIA) reported that a total of 993,000 barrels per day of ethanol were produced in the week ending May 9. This marks a decrease of 27,000 barrels per day (bpd) from the previous week and is the first time production has fallen below 1 million bpd since September. Despite this output decline, stocks increased by 254,000 barrels, reaching 25.445 million barrels. Refiner inputs rose by 43,000 barrels to 929,000 bpd.
Closing Prices for Corn Contacts
May 25 Corn closed at $4.38 1/2, up 2 1/2 cents.
Nearby Cash was $4.17 3/4, up 3 cents.
Jul 25 Corn closed at $4.45 1/2, up 3 cents.
Dec 25 Corn closed at $4.40 1/2, down ½ cent.
New Crop Cash was $3.98 1/2, down ½ cent.
On the date of publication, Austin Schroeder did not hold positions in any of the securities mentioned in this article. All information provided herein is for informational purposes only. For more details, please view the Barchart Disclosure Policy.
The views and opinions expressed herein are solely those of the author and do not necessarily reflect those of Nasdaq, Inc.
