Corn is trading 1 to 2 cents higher ahead of this morning’s Export Sales report. Futures faded the early gains on Wednesday, with contracts closing anywhere from 2 1/4 to 5 cents lower after July futures failed to take out the early week high. A weaker dollar failed to impact trade. Preliminary showed a rotation of ownership, up just 4,184 contracts. July was down 6,107 on presumed long liquidation, with December seeing net new selling, up 6,128 contracts. 

Weather through the weekend shows much of the WCB drier, with portions of the Southern ECB with expected precip nearing 1-1.5 inches. The WCB looks wetter getting into next week.

EIA data from Wednesday morning showed that 1 million barrels per day of ethanol was produced during the week of 5/10. That was a 35,000-bpd increase from last week. Stocks were building during that week, up 289,000 barrels to 24.489 million. 

Export Sales data is expected to show net sales of 0.7-1.05 MMT for the 23/24 marketing year in the week that ended on May 9. New crop bookings are seen in a range of 0-150,000 MT.  

Jul 24 Corn  closed at $4.62 1/2, down 5 cents, currently up 2 cents

Nearby Cash  was $4.39 1/4, down 4 7/8 cents,

Sep 24 Corn  closed at $4.73 1/4, down 4 3/4 cents, currently up 1 3/4 cents

Mar 25 Corn  closed at $4.99 1/4, down 3 3/4 cents, currently up 1 1/2 cents

New Crop Cash  was $4.50, down 4 3/8 cents,