Corn Faces Pressure as Bulls Fight Back into the Close

Corn futures closed 5-6 cents off the early session lows on Wednesday, as contracts still settled 2 ¾ to 3 ½ cents lower, with some deferred higher. The CmdtyView national average Cash Corn price was up 3/4 cent at $4.15 3/4.  Crude Oil closed the day down $2.51 after a post from President Trump suggested Iran is looking for a ceasefire. He is expected to address the nation later this evening, likely providing some more clarity on the next steps of the conflict. Thursday will be the last trade day for the week as the markets are off for Good Friday.

EIA data from this morning showed ethanol at a total of 1.075 million barrels per day in the week ending on 3/27. That was a 41,000 bpd drop on the week. Stocks saw a 1.179 million barrel draw, mostly in the Midwest and Gulf, to 25.991 million barrels. Exports were up 4,000 bpd to 123,000 bpd, as refiner inputs were 14,000 bpd to 903,000 bpd.

Export Sales data will be out on Thursday, with traders looking for 0.9-1.6 MMT of old crop corn sold in the week of 3/26, with new crop seen 0-100,000 MT. 

USDA’s Grain Crushing report showed February corn grind at 424.8 million bushels. That was a 0.73% jump from last year but down 8% from January. Marketing year corn used for ethanol now stands at 2.744 billion bushels, down 7 mbu from a year ago. USDA’s balance sheet is calling for a 111 mbu increase yr/yr.

May 26 Corn  closed at $4.54 1/4, down 3 1/2 cents,

Nearby Cash  was $4.15 3/4, up 3/4 cent,

Jul 26 Corn  closed at $4.65, down 3 1/4 cents,

Dec 26 Corn  closed at $4.81 1/4, down 3 cents,

New Crop Cash  was $4.38 7/8, down 3 cents,

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