Overnight trade in the corn market has prices 1 1/4 to 2 cents higher going into the weekly FAS Export Sales report. Futures were 2 to 4 3/4 cents in the red on Wednesday. CME confirmed open interest was rolling out of Sep with a little of it going into Dec and the deferred contracts. Overall, OI dropped 13,651 contracts.Â
Pre-report estimates for the weekly Export Sales report are running 75k to 600k MT for old crop and 200k to 600k MT for new crop sales.Â
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.Â
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 (and least implied corn use) since June 9th. Ethanol stocks increased 20k barrels to 22.88 million.Â
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Sep 23 Corn  closed at $4.81, down 4 3/4 cents, currently up 1 3/4 cents
Nearby Cash  was $5.21 3/4, down 4 3/4 cents,
Dec 23 Corn  closed at $4.94 1/4, down 4 1/2 cents, currently up 1 3/4 cents
Mar 24 Corn  closed at $5.08 1/4, down 4 cents, currently up 1 1/2 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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