Corn Futures PricesWed, May 4th, 2016
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Corn futures closed 1 to 5 cents lower on Wednesday on favorable planting conditions across the Midwest, along with bearish ethanol data. This morning, the EIA reported that ethanol production fell to 923,000 barrels per day during the week ending last Friday. This was down 4,000 barrels per day from the previous week, and was the slowest weekly production rate since the week ending May 8, 2015. As of April 29, ethanol stocks were at 22.2 million barrels, up 600,000 barrels from the previous Friday.Trade estimates for the USDA weekly Export Sales report for week ending last Thursday range from 750,000 MT to 1.4 MMT. Agroconsult pegged its updated Brazilian safrinha production estimate at 52.5 MMT, down 2.1 MMT from its previous estimate, and FC Stone reduced their estimate by 6.7 MMT fo 49.8 MMT. Under the daily reporting system, private exporters reported that 107,500 MT of US corn was sold to Japan this morning for 2015/16 delivery. Argentinean corn exports from January to March were up 84% from the same period in 2015.
InsideFutures Grains News
Traditionally, trading of corn futures reaches a peak during the summer months, with corn prices affected by weather and plant-times. Buying and selling corn futures can insure traders against negative fluctuations in corn prices. Our tables are updated frequently to show the current corn quotes and corn futures prices.