July Corn is trading at 350 1/4, down 1 1/4 cents. December Corn is trading at 366 3/4, down 1 1/4 cents. Corn futures are a little lower Monday morning after Friday's choppy trading day.
Chatter about crop conditions, weather outlooks and EPA renewable fuel targets is making the rounds.
On Friday, the USDA reported that weekly export sales for corn were 647,900 tons. New crop sales are over 20 percent below last year's data at this time. On Friday, the EPA set U.S. biofuel targets for 2015 at 16.3 billion gallons, versus the 2007 law of 20.5 billion. 2016 is set at 17.4 billion gallons versus the 2007 law of 22.5 billion. For 2015, the EPA ethanol target is 13.4 billion gallons versus 15 billion in the 2007 law. The 2016 target is 14 billion gallons versus 15 billion in the 2007 law.
