Corn Closes Mixed on Wednesday

Corn futures saw firm to 2 1/4 cent gains in the front months on Wednesday, with deferred contracts lower. Spillover from beans was supportive today. This morning’s EIA report showed ethanol production (and corn consumption) in the week of June 7 was the largest since last August. Production was 1.096 million barrels per day, up 52,000 bpd from the week prior. Ethanol stocks dropped 751,000 barrels to 21.802 million barrels, the lowest figure since last July. Export Sales estimates ahead of Thursday’s weekly report for the week of June 6 range from 250,000-550,000 MT for old crop and 100,000-300,000 MT for new crop. USDA raised their old crop corn cash average price by a dime on Tuesday to $3.60. New crop was bumped up 50 cents to an average price of $3.80.

Jul 19 Corn closed at $4.30, up 2 1/4 cents,

Sep 19 Corn closed at $4.38 1/4, up 2 cents,

Dec 19 Corn closed at $4.48 1/2, up 1 1/2 cents

Mar 20 Corn closed at $4.56 1/4, up 3/4 cent

--provided by Brugler Marketing & Management

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