Corn futures settled Wednesday with losses of 6 to 7 ¼ cents across most contracts to extend to new contract lows for several front months. Lack of a threatening forecast moving into July is putting pressure on the market. The front month CmdtyView national average Cash Corn price was down 6 cents at $3.87 1/2.
The Wednesday EIA report showed ethanol output pulling back 28,000 barrels per day in the week that ended on June 20 to 1.081 million bpd. That was a 4-week low. Stocks of ethanol were up 284,000 barrels to 24.404 million barrels. Ethanol exports were down 53,000 bpd wk/wk to 110,000 bpd, with refiner inputs of ethanol up 3,000 bpd to 913,000 bpd. Gasoline product supplied (implied gasoline use) was the largest since December 2021 at 9.688 million bpd.
Rains are falling in the Western Corn Belt and will continue in the next couple days. The 7-day total shows 1 to 4 inches in the ECB, lighter totals in IL and IN.
Export Sales data will be released on Thursday morning, with the trade looking for between 0.5 and 1.2 MMT of old crop corn sold in the week that ended on June 19. Sales for 2025/26 are estimated to total between 100,000 and 350,000 MT.
USDA will release their June Acreage report on Monday. Traders are looking for an average of 95.4 million acres planted this spring, which would be slightly below the March Intentions report. The range of estimates is a wide 93.8 to 96.8 million bushels.
A South Korean importer purchased a total of 266,000 MT of corn in a tender overnight.
Brazil is raising their level of ethanol mandated to be mixed with gasoline from 27% to 30% after approval from the National Energy Policy Council.
Jul 25 Corn closed at $4.10 1/4, down 6 cents,
Nearby Cash was $3.87 1/2, down 6 cents,
Sep 25 Corn closed at $4.05, down 7 1/4 cents,
Dec 25 Corn closed at $4.22 1/2, down 6 1/2 cents,
New Crop Cash was $3.79 1/4, down 6 1/2 cents,
