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Corn futures posted losses of 10 ½ to 12 ¾ cents in most contracts on Wednesday, with a few deferred contracts down 4 to 7 cents. The CmdtyView national average Cash Corn price was 11 1/2 cents lower on the day to $4.26 1/4.
Crude oil was down $6.06 on the day following the US and Iran closing in on reaching a memorandum of understanding that would, among other things, allow for the safe passage through the Strait of Hormuz as well as a path to ending to conflict.
Weekly EIA data from this morning showed an 8,000 barrel per day increase ethanol output in the week ending on May 1, taking the total to 1.017 million bpd. Ethanol stocks were up 139,000 barrels to 26.02 million barrels. Ethanol stocks were down 31,000 barrels per day to 139,000 bpd, with refiner inputs down 15,000 bpd to 902,000 bpd.
USDA’s Weekly Export Sales report will be released on Thursday, as traders are looking for a total of 1-1.8 MMT of corn bookings for old crop in the week ending on 4/30. New crop business is seen at 0-150,000 MT.
May 26 Corn closed at $4.52 3/4, down 12 3/4 cents,
Nearby Cash was $4.26 1/4, down 11 1/2 cents,
Jul 26 Corn closed at $4.68 1/2, down 11 1/2 cents,
Dec 26 Corn closed at $4.90, down 10 1/2 cents,
New Crop Cash was $4.46 1/4, down 10 1/2 cents,
