Corn futures started selling as trading resumed on Wednesday night and extended the weakness into Thursday’s midday. Contracts are down 8 to 10 cents so far on the day, despite a solid round of EIA data.
July options expire on Friday, with the heaviest open interest among all options in the July 450 calls.
Weekly delayed EIA data showed a 34,000 barrel per day increase in ethanol production during the week that ended on June 14 to 1.057 million bpd. Stocks were also on the rise, despite a 19,000 bpd increase in ethanol blender inputs, as they were building by 395,000 barrels to 23.62 million.
Jul 24 Corn is at $4.41 3/4, down 8 1/4 cents,
Nearby Cash is at $4.26 3/8, down 8 cents,
Sep 24 Corn is at $4.46 1/4, down 9 1/2 cents,
Dec 24 Corn is at $4.58 1/2, down 9 1/4 cents,
New Crop Cash is at $4.22 1/8, down 9 1/2 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
