Corn futures saw some buying off the early overnight lows, but still managed to close with losses of 1 ¾ to 3 ½ cents. The CmdtyView national average Cash Corn price was down1 1/2 cents at $4.08. Crude oil was down $16.45 on the day following a 2-week ceasefire between Iran and the US that includes the reopening of the Strait of Hormuz. 

EIA data from this morning showed ethanol at a total of 1.116 million barrels per day in the week ending on 4/3. That was a 41,000 bpd increase on the week. Stocks saw a 62,000 barrel increase, to 26.053 million barrels. Exports were up 80,000 bpd to 203,000 bpd, as refiner inputs were down 8,000 bpd to 895,000 bpd.

Export Sales data will be released on Thursday, with analysts looking for 0.75-1.6 MMT in old crop corn commitments. New crop is seen 0-100,000 MT.

Ahead of the Thursday WASDE update, analysts surveyed by Bloomberg are looking for a slight increase (3mbu) from March to 2.13 bbu for the US carryout projection. World ending stocks are seen 0.4 MMT higher to 293.2 MMT.

Several South Korean importers issued tenders overnight, with a total of 266,000 MT purchased, though no origins were announced.

May 26 Corn  closed at $4.47 1/4, down 1 3/4 cents,

Nearby Cash  was $4.08, down 1 1/2 cents,

Jul 26 Corn  closed at $4.58, down 2 cents,

Dec 26 Corn  closed at $4.76, down 2 cents,

New Crop Cash  was $4.33 3/8, down 2 cents,

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