Corn Market Quiet Ahead of Export Sales Numbers

Corn futures are trading steady to 1 cent per bushel lower after since settling with fractional to 2 1/4 cent gains on Wednesday. Weekly EIA data showed ethanol production in the week of April 5 rose 3,000 barrels per day to 1.002 million bpd. Stocks in that week saw the largest weekly draw down since October, dropping 799,000 barrels to 23.193 million barrels. Analysts are estimating USDA to show old crop export sales of 0.6-0.9 MMT for the week that ended on 4/4, with new crop at 50,000-200,000 MT. The Rosario Grain Exchange estimates the Argentine corn crop at 48 MMT, up 0.7 from their previous number and compared to USDA’s 47 MMT

--provided by Brugler Marketing & Management

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