Chicago Close: Little Changed Ahead of USDA Report

Corn, wheat and soybean futures were little changed on Wednesday, a day ahead of the USDA’s monthly supply-demand update.

Corn saw small declines on the day as new data showed the continued negative impact on ethanol production in the wake of the covid-19 pandemic. Ethanol production data showed average U.S. ethanol output for the week ending April 13 at 672,000 barrels per day, down another 168,000 barrels from a week earlier and the lowest average daily production for any week since data became available. May corn eased 1 ½ cents to $3.30 and new-crop December dropped 1 ¾ cents to $3.49 ¼.

Soybeans closed mixed amid position squaring ahead of tomorrow’s USDA report and uncertainty regarding Chinese demand. May was a ¼ cent lower at $8.54 ½ and November gained 1 ¼ cents to $8.68.

Wheat was also mixed in position squaring. May Chicago wheat dropped a penny to $5.48 ¼, May Kansas City was up 4 ¾ cents at $4.78 and May Minneapolis added 5 ½ cents to $5.30.

Live cattle futures were higher today. Lean hogs declined.

Source: DePutter Publishing Ltd.

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