Corn Firm to 2 Cents Higher on Thursday Morning

Corn futures are trading steady to 2 cents higher this morning. They 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. 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. A total of 1.832 MMT of corn was sold form Chinese state reserves at an auction on Thursday, 46.11% of the amount offered.

--provided by Brugler Marketing & Management

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