Pennsylvania Corn Growers Optimistic For Higher Prices - The Corn & Ethanol Report
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On the corn front: corn and soybeans are looking strong heading into the planting season, and many Pennsylvania farmers have remaining supplies from the 2020 crop and are emptying their bins. They're taking a gamble by locking in prices in hopes that the value at harvest is better than current prices.
Any weather concern such as a dry summer would make prices even stronger. Demand from China is not going away anytime soon. In the overnight electronic session, the July corn has been trading at 647, which is 1 ¼ of a cent lower. The trading range has been 652 ¼ to 646.
On the ethanol front: stocks have hit a six-month low as recent demand improvements drew down on supplies. Production averaged 940,000 barrels, which is 408,000 higher than a year ago. We are still waiting on the Supreme Court’s decision on the EPA’s authority to grant waivers to small refineries blending ethanol. There were no trades posted in the overnight electronic session. The May contract settled at 2.330 and is currently showing no market with Open Interest at 20 contracts.
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