May 10, 2023

After a largely negative day on Tuesday, corn rebounded with the July contract trading up to 12 cents higher and ending the day up 9.  Yesterday's downward spiral was fueled by another China cancellation and some very good planting pace numbers from the USDA.  This cancellation was for 272,000 tonnes, or about 10.7 million bushels, but corn found footing today as it was rumored China was putting back on some of these cancelled sales.  It appears the bulk of the corn crop will be planted and in the rearview mirror by the end of the week with some already switching to soybeans.  Weekly ethanol data showed a fall in production of 11,000 barrels/day to 965,000 bpd.  Stocks dropped 72,000 barrels to 23.29 million bbls.  Corn use for ethanol is at an estimated total 3.467 billion bushels, down 173 million bushels from this time last year.  The ethanol grind is also behind the pace needed to meet the USDA demand number by 32 million bushels.

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