Corn futures came back to post gains on Wednesday, with contracts up anywhere from 1 ½ to 6 ¼ cents across the board. The new crop contracts led the way with December up 6 cents.
EIA reported that ethanol producers averaged 1.069 million barrels of output per day during the week that ended 8/11. That was 460k bpd above the same week last year. Ethanol stocks had an additional 555k barrels to 23.435 million.
Export Sales data will be released on Thursday morning, with traders estimating old crop corn bookings in the range of 0-250,000 MT for the week ending on August 10. New crop sales are seen totaling 0.5-1 MMT, with daily announcement tallying 395,000 MT in sales.
Brazil’s Anec estimates August corn exports will reach 9.03 MMT. That would be up from 6.9 MMT last year.
Sep 23 Corn closed at $4.69 1/2, up 5 1/2 cents,
Nearby Cash was $5.09 1/8, up 5 1/4 cents,
Dec 23 Corn closed at $4.81 1/2, up 6 cents,
Mar 24 Corn closed at $4.95 1/2, up 6 1/4 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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