The corn market is trading with contracts steady to 2 cents weaker on Thursday morning. Corn futures failed to hold the early gains on Wednesday, closing with contracts down 6 to 7 cents in the nearbys and new crop ½ cent lower. Preliminary open interest was up ,618 contracts, mostly in the July (6,058) and the December (7,140). There were 18 deliveries issued against May futures overnight. The nearby CmdtyView national average Cash Corn price was down 6 cents at $4.19 1/2. 

EIA data showed a total of 1.02 million barrels per day of ethanol produced during the week ending on May 2. That was a drop of 20,000 bpd in that week. Stocks of ethanol were down 198,000 barrels to 25.191 million barrels. Refiner inputs of ethanol were down 22,000 bpd to 886,000 bpd, as exports slipped 12,000 bpd to 129,000 bpd.

Export Sales data will be released later this morning, with analysts looking for a total of 0.7 to 1.4 MMT for old crop sales in the week of May 1. New crop is expected to total 0 to 300,000 MT

USDA will release their first look at the US balance sheet next week, with a Reuters survey of analysts looking for a yield of 181.1 bpa. Production is expected to total 15.787 billion bushels.

Brazil exported a total of just 178,347 MT of corn during April, which was down 79.53% from the month prior but well above the same month in 2024.

A couple different South Korean importers purchased 137,000 MT of corn overnight.

May 25 Corn  closed at $4.41, down 6 1/2 cents, currently down ½ cent

Nearby Cash  was $4.19 1/2, down 6 cents,

Jul 25 Corn  closed at $4.49 1/4, down 6 1/4 cents, currently unch

Dec 25 Corn  closed at $4.40 3/4, down 1/2 cent, currently down 1 ½ cents

New Crop Cash  was $3.99 1/8, down 1/2 cent,