According to the EIA’s weekly report, ethanol production for the week ending June 5 was 1.108 million barrels per day, unchanged from the previous week. Ethanol stocks declined by 154,000 barrels to 24.452 million barrels. Ethanol exports increased by 20,000 barrels per day to 155,000 barrels per day, while refinery ethanol inputs rose by 8,000 barrels per day to 907,000 barrels per day.

Weekly Export Sales data will be released on Thursday morning. Traders expect old-crop corn sales for the week ending June 4 to range between 0.7 and 1.6 million metric tons. New-crop sales are projected between 200,000 and 500,000 metric tons.

The USDA will release its monthly WASDE report on Thursday. According to a Bloomberg survey, analysts expect a 6 million bushel reduction in U.S. old-crop corn ending stocks to 2.136 billion bushels. New-crop ending stocks are estimated at 1.947 billion bushels, which would represent a 10 million bushel decline. Brazil’s corn production is expected to increase by 0.8 million metric tons to 135.8 million metric tons, while Argentina’s production is projected to rise by 1.8 million metric tons to 60.8 million metric tons. CONAB will also release updated Brazilian crop estimates on Thursday morning.