Corn futures failed to see much excitement following the US/Japan trade announcement, as contracts were heavy for much of the session and closing with fractional to penny losses. The CmdtyView national average new crop Cash Corn price was down 1/2 cent at $3.75.
Japan and the US agreed to a trade deal that was announced late on Tuesday. Tariffs will be set at 15% starting August 1. It also expects to boost rice imports by Japan, with Japan buying $8 billion in ag goods. For reference, ag and related exports to Japan have historically ranged from $12 to 16 billion annually.
EIA data showed a total of 1.078 million barrels per day of ethanol production in the week ending on July 18. That was a decline of 9,000 bpd from the week prior. Stocks were up 809,000 barrels to 24.444 million on the week.
Export Sales data is estimated to show between 100,000 and 800,000 MT of old crop corn sold in the week ending on July 17, with new crop sales pegged in a range of 400,000 to 800,000 MT. The report will be out on Thursday morning.
Sep 25 Corn is at $3.98 1/2, down 3/4 cent,
Nearby Cash is at $3.85 1/2, down 1 cents,
Dec 25 Corn is at $4.17 1/2, down 1/2 cent,
Mar 26 Corn is at $4.34 3/4, down 1 cent,
New Crop Cash is at $3.75, down 1/2 cent,
