Wednesday corn futures faded 6 1/2 to 10 1/2 cents on Wednesday. The pullback flipped Dec corn to net lower for the week from Friday after fulling fading the WASDE gains. September corn futures expired at $7.09/bu – a 26 3/4 cent premium to Dec corn futures.
The FAS will release their weekly Export Sales report tomorrow using the older system after a 4-week break following the failed transition to the new system. Going into the data release analysts expect USDA to show 300-900k MT of corn was sold during the week of 9/8.
EIA reported ethanol production during the week that ended 9/9 averaged 963k barrels per day. That was down from 989k bpd last week and was a 22wk low. Ethanol stocks shrank 295k barrels to 22.843 million – a 12 wk low.
StatsCan reported their September corn production estimate was 14.86 MMT, compared to 14.82 MMT in August and 14.6 MMT expected.
France’s Ag Minister sees a 25% loss in corn output to 11.3 MMT which is their lowest production since 1990. Brazil is 17% planted for their 22/23 first crop production.
Sep 22 Corn closed at $7.09, down 3 1/4 cents,
Nearby Cash was $6.82 7/8, down 9 1/4 cents,
Dec 22 Corn closed at $6.82 1/4, down 10 1/2 cents,
Mar 23 Corn closed at $6.87 1/4, down 10 cents,
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