Corn prices are up 5 to 7 cents this morning ahead of the USDA weekly Export Sales report. Futures closed out the Wednesday session getting some spark higher. Contracts were fractionally to 4 cents higher across the board. Overnight rains likely put some planting pace on hold in parts of the Corn Belt.

There were 223 contracts put out against May futures delivery overnight, all stopped by ADMIS customers. The oldest long is now dated 2/28/24. 

Wednesday EIA data showed a 33,000 barrel per day bump in ethanol production during the week that ended on April 26 to 987,000 bpd. Despite the increase in output, stocks saw a draw of 245,000 barrels to 25.488 million barrels. Blender inputs of ethanol were at a 28-week high of 911,000 barrels per day. 

USDA Monthly Grain Crushings data showed 468.75 mbu of corn used for ethanol production during March. That was a 7.48% jump from last year, the largest March total since 2018, and 5.2% above February.

Trade estimates ahead of the Export Sales report call for old crop sales of 650,000 MT to 1.3 MMT in the week that ended on 4/25. Bookings ideas for new crop are capped at 300,000 MT for the week. 

May 24 Corn  closed at $4.43 1/4, up 3 3/4 cents, currently up 6 3/4 cents

Nearby Cash  was $4.29 1/8, up 2 1/8 cents, 

Jul 24 Corn  closed at $4.50 3/4, up 4 cents, currently up 6 1/2 cents

Dec 24 Corn  closed at $4.72 3/4, up 3 1/4 cents, currently up 5 1/4 cents

New Crop Cash  was $4.36 1/4, down 3/8 cent,