Corn futures saw gains across most contracts on Wednesday, with nearby July up 2 cents to close at $4.33 1/2. The EIA reported a slight decrease in ethanol production to 1.109 million barrels per day, while ethanol stocks increased to 24.12 million barrels; export sales data is expected Friday, with traders anticipating corn bookings between 600,000 MT and 1.2 MMT for 2024/25.
Corn futures exhibited strength across most contracts on Wednesday, with the nearby July contract advancing by 2 cents to $4.33 1/2, while September 2025 and December 2025 contracts each rose by 5 1/4 cents, closing at $4.29 and $4.44 respectively. This upward movement was mirrored in the cash markets, where the CmdtyView national average cash corn price increased by 1/4 cent to $4.08, and New Crop Cash saw a more significant gain of 5 1/4 cents to $4.01 1/8. The Energy Information Administration's (EIA) weekly report indicated a slight moderation in ethanol production, which fell by 11,000 barrels per day (bpd) from the prior week's record to 1.109 million bpd. Concurrently, ethanol stockpiles increased by 386,000 barrels, reaching 24.12 million barrels, potentially signaling a slight near-term supply build. However, ethanol exports provided a positive counterpoint, rising by 12,000 bpd to 163,000 bpd, and refiner inputs of ethanol also saw a modest increase of 5,000 bpd to 910,000 bpd. Market participants are now anticipating the release of Export Sales data on Friday, delayed due to the Juneteenth holiday, with trade estimates for 2024/25 corn bookings for the week ending June 12 ranging from 600,000 metric tons (MT) to 1.2 million MT, and new crop sales projected between 0 and 200,000 MT.
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