Thursday Bounce for Corn Futures

The corn futures market traded higher on suspected short covering in the Thursday session, to be confirmed with OI data. Futures closed the session with gains of 4 3/4 to 7 cents. July corn was up double digits at one point. EIA ethanol data from the week ending May 22 showed another round of increased production and lower stocks. Production was up 61,000 bpd wk/wk to 724,000 barrels produced per day. Ethanol stocks were down 450,000 barrels to 23.176 million. That’s the smallest stockpile since January. Regionally, PADD Midwest district stocks were down 11,000 barrels to the lowest since the week ending December 13 in 2019. Ahead of the weekly Export Sales report, traders are looking for 0.5 to 1 MMT of old crop sales and 50k to 300k MT of new crop corn sales. The International Grains Council raised their 2020/21 world corn production estimate to 1.169 BMT, up 11 MMT but still 18 MMT below USDA.

Jul 20 Corn closed at $3.27 1/2, up 7 cents,

Sep 20 Corn closed at $3.31 3/4, up 6 1/2 cents,

Dec 20 Corn closed at $3.40 1/4, up 5 3/4 cents,

Mar 21 Corn closed at $3.52, up 5 1/2 cents,

--- provided by Brugler Marketing & Management

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