USDA reported improving ethanol production which helped support the old crop July corn futures but new crop months were sharply lower as the corn crop is mostly planted and in relatively good shape, especially with all the rain the Midwest has endured over the past several weeks. There continues to be concerns that 3-4 million acres that were expected to be corn acres will either simply not get planted or turn into soybean acres and while that potentially trims the expected expanding carryout, anything close to normal weather likely produces enough corn to get the ending year carryout to comfortable levels. December corn closed below the $5.50/bu. level for the first time this month.
Posted on: Thu, 06 Jun 2013 02:28:15 +0000
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