Corn Mixed on Wednesday

Corn futures are mixed at midday, with nearby contracts lower and back months fractionally higher. Some traders are taking profits in the front months after 7 straight sessions higher. The weekly EIA report this morning showed ethanol plants producing 1.071 million barrels per day during the week of May 17. That was up another 20,000 bpd from last week and the largest weekly production this MY. Stocks of ethanol rose 1.154 million to 23.404 million barrels. Analysts are expecting Thursday’s Export Sales report to show 200,000-600,000 MT in old crop sales for the week of May 16, with new crop at 50,000-450,000 MT. Due to weakness in the Real, prices have been carried by this rally to the highest level that Brazilian farmers have seen for corn since 2015.

Jul 19 Corn closed at $3.93 1/4, down 1 cent,

Sep 19 Corn closed at $4.02 1/4, down 1/2 cent,

Dec 19 Corn closed at $4.10 3/4, up 1/4 cent

Mar 20 Corn closed at $4.20 1/2, up 1/2 cent

--provided by Brugler Marketing & Management

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