CHS reported some Iowa ethanol plants pushed their corn basis yesterday 25 cents to +75N (75 over the July futures for delivery now).
Yesterday, May corn broke through its 200 day moving average price. That is bullish, Folks.
USDA announced yesterday morning the sale of 246,000 mt of old crop corn and 136,000 mt of new crop corn to China.
It is good news for corn producers that China has bought more than 100,000 mts of new crop corn two consecutive days. It means the old crop demand they have been buying for is expected to continue into the new crop marketing year, which begins September 1st.