Corn Futures Drift Lower Awaiting Export Sales Data
BRUG - Wed Apr 17, 4:38PM CDT

Corn futures were down 1/2 to 1 cent per bushel on Wednesday. The weekly EIA report showed ethanol production for the week of 4/12 up 14,000 barrels per day to 1.016 million bpd. Ethanol stocks dropped 517,000 barrels last week to 22.676 million barrels, the lowest inventory since September. Monthly trade data from Census shows corn exports during February down 4.03% from last year at 3.617 MMT, which was a drop of 22.48% from January. Feb DDG exports totaled 686,005 MT, which was a 5-year low on lower production. Ethanol shipments were reported at 113.82 million gallons. Trade ideas for Thursday’s USDA weekly Export Sales report are running 500-850,000 MT for old crop and 0 to 100,000 MT for new crop.

May 19 Corn closed at $3.58 1/4, down 3/4 cent,

Jul 19 Corn closed at $3.67, down 3/4 cent,

Sep 19 Corn closed at $3.75, down 1 cent

Dec 19 Corn closed at $3.86 3/4, down 3/4 cent

--provided by Brugler Marketing & Management

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