Corn Mini Futures Market News and Commentary
Corn futures closed the midweek session 3 ½ to 4 ¼ cents in the black. That has the Dec contract 6 cents in the black for the week.
EIA reported the average daily ethanol production was 1.009 million barrels during the week that ended 9/22. That was up 29k bpd week to week. Ethanol stocks were 367k barrels looser to 22.048 million.
Analysts estimate between 475k MT and 1.2 MMT of corn was sold for export during the week that ended 9/21.
Ahead of the Quarterly Grain Stocks report the trade is looking for NASS to report final 22/23 carryout at 1.44 bbu. That would be 13 mbu looser than the WASDE projection. The full range of estimates is to see between 1.32 bbu and 1.51 bbu of corn supplies for Sep 1.
Private consultant Cordonnier cut his US estimate to 171.5 bpa and put production at 14.93 billion bushels. That implies 87.05 million harvested acres. NASS was at 87.096 million in September.
Brazil’s Anec estimated Sep corn shipments at 9.6 MMT, up 2... Read more