Corn Lower on Weakness in Ethanol and Wheat

Corn futures closed the day with most contracts 2 to 4 1/2 cents lower. The ethanol market is weaker, following a slight uptick in stocks. Weakness in wheat also dragged on corn. This morning’s EIA report showed ethanol production in the week of 4/19 picking up by 32,000 barrels per day to 1.048 million bpd. That was the largest weekly output since early January. Stocks were up just 71,000 barrels to 22.747 million barrels, with the Gulf and East Coast the only regions seen higher. Analysts are expecting to see 0.6-1 MMT in old crop corn export sales for the week of 4/18 in Thursday’s report, with 0-100,000 MT for new crop.

May 19 Corn closed at $3.46 3/4, down 4 1/2 cents,

Jul 19 Corn closed at $3.56, down 4 1/4 cents,

Sep 19 Corn closed at $3.64 1/4, down 4 cents

Dec 19 Corn closed at $3.76, down 3 3/4 cents

--provided by Brugler Marketing & Management

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