Corn Futures Rise Amid Weaker Dollar and Ethanol Recovery

Corn futures saw gains of 6 to 7 ½ cents for most contracts on Wednesday, driven by a weaker US dollar index and a recovery in ethanol production. The front month CmdtyView national average Cash Corn price increased by 6 3/4 cents, reaching $4.34 3/4.

Ethanol Production Sees Rebound

The EIA’s weekly update highlighted a rebound in ethanol production, rising by 43,000 barrels per day to 1.036 million bpd for the week ending May 16. Meanwhile, ethanol stocks decreased by 501,000 barrels to 24.944 million barrels, with Midwest stocks down by 809,000 barrels. Refiner inputs decreased by 10,000 bpd week-over-week, totaling 919,000 bpd.

Export Sales and Brazilian Crop Estimates

Thursday’s Export Sales report is anticipated to reveal between 0.7 to 1.6 MMT in old crop sales for the week ending May 15. New crop sales are predicted to be between 50,000 MT and 500,000 MT. Additionally, private firm Agroconsult estimates Brazil’s second corn crop at 112.9 MMT, significantly higher than CONAB’s previous estimate of 99.8 MMT.

Latest Corn Prices

Jul 25 Corn closed at $4.61, up 6 1/2 cents.

Nearby Cash was at $4.34 3/4, up 6 3/4 cents.

Sep 25 Corn closed at $4.42 3/4, an increase of 7 1/2 cents.

Dec 25 Corn closed at $4.55 1/2, up 7 cents.

New Crop Cash stood at $4.14 1/2, also up 7 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 are solely for informational purposes. For more information, please view the Barchart Disclosure Policy here.

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