Corn Closes Lower on Profit Taking

Corn futures ended the Wednesday session with nearby contracts 8 to 9 3/4 cents lower. Profit taking and a 2.3% drop in ethanol futures were seen as pressure. The nearby KC wheat-corn spread is at 16 1/2 cents, as weakness in wheat also weighed on the market. Weekly EIA data showed ethanol production in the week that ended on June 14 at 1.081 million barrels per day. That was above the same week last year but a drop of 15,000 bpd from the previous week. In addition, stocks fell 189,000 barrels wk/wk at 21.613 million barrels, the lowest total since May 2018. Export Sales estimates for the week of June 13 are 100,000-400,000 MT for old crop corn bookings and 200,000-500,000 MT for new crop. The national corn basis index according to cmdtyView is -22 3/4 cents, 7 1/4 cents stronger than the same day last year. Their national average cash price index is 88 cents higher yr/yr at $4.20 1/2.

Jul 19 Corn closed at $4.41, down 8 3/4 cents,

Sep 19 Corn closed at $4.46 1/4, down 9 1/4 cents,

Dec 19 Corn closed at $4.53 1/4, down 9 3/4 cents

Mar 20 Corn closed at $4.58 3/4, down 9 1/2 cents

--provided by Brugler Marketing & Management




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