PRB Fundamentals: Corn Market (week ending 4.8.16)

Now that the corn market has digested the large perspective plantings number, the market has shifted its focus to exports, usage, and weather. It feels like it is going to be a late spring in the Corn Belt, with cold temps and wet soil. The Ethanol use for corn continues to be impressive. Year to Date use of Corn for Ethanol is estimated at 3.137 billion bushels which is 1.5% ahead of last years pace. Corn use this week exceeded USDA’s target by 31 million bushels as well. The corn export numbers this week were also impressive at 945,000 MT for 2015-16 & 175,000 MT for 2016-17, this was at the top end of expectations. So perhaps all hope is not lost in the corn market.