The corn market is posting fresh intraday highs at midday, with contracts 6 to 8 cents in the green. The front month CmdtyView national average Cash Corn price is up 7 cents at $4.34 3/4.

EIA’s weekly update showed a rebound in ethanol production of 43,000 barrels per day to 1.036 million bpd in the week of May 16. Ethanol stocks saw a draw of 501,000 barrels to 24.944 million barrels, as Midwest stocks were down 809,000 barrels. Refiner inputs of ethanol were down 10,000 bpd wk/wk to 919,000 bpd.

Thursday’s Export Sales report is expected to show between 0.7 to 1.6 MMT in old crop business in the week of May 15. New crop sales are expected to see a total of 50,000 MT to 500,000 MT. 

The Argentine export tax on corn reduction to 9.5% is set to expire at the end of June and will not be extended. The rate will revert back to 12% on July 1, the country’s Economic Ministry announced on Tuesday.

Private firm Agroconsult estimates the Brazilian second corn crop at 112.9 MMT, which is well above where CONAB’s estimate from last week was tallied (99.8 MMT).

Jul 25 Corn is at $4.61 1/4, up 6 3/4 cents,

Nearby Cash is at $4.34 3/4, up 7 cents,

Sep 25 Corn is at $4.43, up 7 3/4 cents,

Dec 25 Corn is at $4.55 1/4, up 6 3/4 cents,

New Crop Cash is at $4.14 1/1, up 7 1/2 cents,