Corn futures are currently 1 to 2 1/4 cents higher at midday. The USDA reported a private sale of 140,000 MT of optional origin corn split evenly between 17/18 and 18/19 to Saudi Arabia through their daily reporting system. This week’s EIA report showed that 1.028 million barrels per day of ethanol was produced in the week that ended 5/18. That was a 30,000 bpd drop from the previous week. Stocks of ethanol were reported at 22.129 million barrels, up 624,000 barrels from the week prior. China customs confirmed April sorghum imports from all origins totaled 640,000 MT, with the YTD at 2.33 MMT. Corn imports were 380,000 MT for the month, bringing the 2018 total to 940,000 MT. Estimates ahead of Thursday’s Export Sales report are showing 0.7-1.1 MMT in old crop corn sales, with 100,000-250,000 MT in new crop sales.

Jul 18 Corn is at $4.07, up 2 1/4 cents,

Sep 18 Corn is at $4.15 1/4, up 1 3/4 cents,

Dec 18 Corn is at $4.24 3/4, up 1 1/2 cents

Mar 19 Corn is at $4.32 3/4, up 1 1/2 cents

Market Commentary provided by:

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