Corn is trading fractionally to 3 3/4 cents weaker across the front month futures at midday. That’s enough to erase yesterday’s Turnaround Tuesday gains.
Weekly EIA data showed producers averaged 1.023 million barrels of output per day during the week that ended 8/4. That was a 44k bpd decrease from the prior week and was the lowest output since June 9th. Ethanol stocks increased 20k barrels to 22.88 million.
Pre-report estimates for the weekly Export Sales report on Thursday range 75k to 600k MT for old crop and 200k to 600k MT for new crop sales.
Ukraine’s Ag Ministry showed MYTD grain exports have reached 2.76 MMT through July and the first week of August. That includes 1.33 MMT of corn. Total grain output is estimated to be within 50-55 MMT, similar to 53 MMT last year but still well under the 86 MMT record in 2021.
South Korea’s MFG is tendering for 140,000 MT of corn.
Ahead of the NASS Crop Production and WASDE updates on Friday, analysts are looking for a 1.8 bpa national corn yield hit on average. The full range of estimates is from 172.4 to 178 bpa. Traders expect total production to be 15.153 bbu on average. New crop carryout is expected to drop 95 mbu to 2.167 on average.
Sep 23 Corn is at $4.82 1/2, down 3 1/4 cents,
Nearby Cash is at $5.22 1/4, down 3 3/8 cents,
Dec 23 Corn is at $4.96 1/2, down 2 1/4 cents,
Mar 24 Corn is at $5.10 1/4, down 2 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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