Corn futures are trading 2 to 3 cents lower this morning. They closed 2 to 4 cents lower yesterday. Rains across the Corn Belt put pressure on the market. EIA reported average daily ethanol production for the week of June 9 was 1.002 million barrels per day (bpd). That is up 3,000 bpd over last week. We estimated 105.2 million bushels of corn being used. Ethanol stocks rose 560,000 barrels to 22.542 million barrels, as the Midwest was the only region to see shrinking stocks. Traders are expecting old crop export sales to range 500,000-700,000 MT in today’s USDA export sales report, with 100,000-300,000 MT for new crop. Private analysts in China have estimated that 22.8 MMT of corn from state reserves has been sold since May, with this week’s projected amount around 3.5.

Market Commentary provided by:

Brugler Marketing & Management LLC
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