Corn futures were square on Wednesday as the market ignored the US record large ethanol production number. The contract was partially closed with a loss of 1 the percentage. Front Month CMDTYVIEW National Average Cash corn Price was 1 ENT cents below $ 4.13 1/2.
The weekly EIA report showed the production of ethanol at 1.12 million barrel records 1.12 million barrels per day a week of June 6. It was 15,000 BPD before the week. The 706,000 barrel draw in ethanol shares was 23.734 million barrels. Ethanol exports were 151,000 barrels per day, there was slight increase before the week. Ethanol’s refiner input was up to 3,000 barrels of 905,000 BPD per day.
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Weekly export sales data will be released on Thursday morning, in which the trade will be in search of 0.7-1.2 MMT of 2024/25 corn sold on June 5 ending June 5. The sale of new crop is estimated at 0-200,000 mounts.
Beyond Thursday’s USDA report, analysts expect the old crop to see shares of 1.392 billion deduction from the US from 23 million buses. We will also get an updated new crop estimate with average trade guests, according to the Bloomberg survey in the 1.789 BBU, below 11 MBU since last month. Estimates for the production of Brazil are 131.8 mm, which will be above 1.8 mm from last month, if realized, it was seen stable at 49.9 mm with Argentina.
A Taiwan importer bought 65,000 tonnes of corn overnight, which was expected to originate from Brazil.
July 25 Corn Closed at $ 4.37, below 1 3/4 cents,
Cash $ 4.13 1/2, below 1 3/4 cents,
September 25 Corn $ 4.25 closed at 1/4, 1/4 percent below,
25 December Corn Closed at $ 4.39 3/4, 1/4 percent below,
New crop cash $ 3.97 1/8, below 1/4 percent,
On the date of publication,
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