Corn prices are down a penny to 2 cents ahead of the weekly USDA Export Sales report. Corn ended the midweek session with weakness, as contracts were down ¾ to 2 ½ cents on Wednesday. New crop December led the way with the 2 ½ cent drop, with May down the ¾.

EIA data from Wednesday showed a sharp 73,000 barrel per day drop to ethanol production in the week that ended on April 12. That left production at a 12-week low at 983,000 bpd. Stocks did shrink, down 128,000 barrels to 26.08 million barrels. 

Export Sales data will be updated this morning, with the trade expecting to see anywhere from 300,000 MT to 900,000 MT of old crop corn sold in the week of 4/11. New crop bookings are seen at 0-100,000 MT. A couple private purchases by South Korean feed importers were noted overnight, totaling 138,000 MT with the US or South American a likely origin. 

The US ag attaché for Argentina reduced the unofficial corn production for that country to 51 MMT from 57 MMT back in January. Disease pressure is blamed. The attaché also expects 2024/25 production to be smaller because of more acreage switching to soybeans. 

May 24 Corn  closed at $4.30 1/4, down 3/4 cent, currently down 1 cents

Nearby Cash   was $4.13 3/8, down 1/4 cent,

Jul 24 Corn  closed at $4.41, down 1 3/4 cents, currently down 1 3/4 cents

Dec 24 Corn  closed at $4.64 3/4, down 2 1/2 cents, currently down 1 1/2 cents

New Crop Cash   was $4.28 5/8, down 2 1/4 cents,