Corn Closes Lower on Wednesday

Corn futures closed the Wednesday session with most contracts steady to 4 1/4 cents lower. Traders are positioning themselves ahead of Friday’s USDA reports. Weekly EIA data showed 1.072 million barrels per day of ethanol were produced in the week that ended on June 21. That was down just 9,000 bpd from the previous week and even with the same week last year. Stocks of ethanol were down 46,000 barrels at 21.567 million barrels. The trade range of estimates for old crop corn sales in the week of June 20 is 150,000-450,000 MT, with new crop at 100,000-300,000 MT. The average trade estimate for corn acreage ahead of Friday’s Grain Stocks is 5.332 bbu, which would be 27 mbu larger than the same time last year.

Jul 19 Corn closed at $4.43 1/4, down 4 1/4 cents,

Sep 19 Corn closed at $4.49 1/2, down 3 1/2 cents,

Dec 19 Corn closed at $4.54 1/2, down 3 cents

Mar 20 Corn closed at $4.59 1/2, down 2 1/2 cents

--provided by Brugler Marketing & Management

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