Corn futures faded out of the USDA report, there was little news on the US side, and less bull friendly World numbers. However, bulls found some late session strength, with contracts closing steady in some deferred contracts to up 4 ¾ cents in the front month July. 

EIA data from this morning showed 1.023 million barrels per day of ethanol produced during the week that ended on June 7. That was a drop of 49,000 bpd on that week. Stocks were in building mode, up 170,000 barrels to 23.222 million. 

Export Sales data will be released on Thursday morning, with traders expecting to see corn bookings in a range of 0.7-1.25 MMT for the 23/24 crop in the week ending on June 6. New crop sales are seen at 0-200,000 MT. 

WASDE data from the USDA showed no changes to the old crop corn balance sheet, leaving the carryout at 2.022 bbu, as WAOB decided to punt until they get a look at the June 28 Grain Stocks data. New crop data was also left unchanged, with ending stocks projected at 2.102 bbu. 

On the world side, USDA left things for the South American production alone, with Argentina at 53 MMT and Brazil at 122 MMT. The trade has ben expecting a 2-3 MMT combined reduction in SoAm output. World stocks for 2023/24 were trimmed by 0.59 MMT to 312.39 MMT, with the new crop projection taken 1.5 MMT lower in the second official release to 310.77 MMT.

Jul 24 Corn  closed at $4.54 1/4, up 4 3/4 cents,

Nearby Cash  was $4.39 5/8, up 6 cents,

Sep 24 Corn  closed at $4.56 3/4, up 3 cents,

Dec 24 Corn  closed at $4.68 3/4, up 3 1/2 cents,

New Crop Cash  was $4.33 1/1, up 3 1/2 cents,