Corn futures are trading 2 to 4 cents lower ahead of the USDA weekly Export Sales report. They came back from the dead 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. Preliminary open interest shows some attempted bottom picking, with net new buying of 21,420 contracts.
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 increased 555k barrels to 23.435 million.
Export Sales data will be released this morning, with traders estimating old crop corn bookings in the range of 0-250,000 MT for the week ending August 10. New crop sales are seen totaling 0.5-1 MMT, with known daily announcements 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, currently down 3 ½ 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, currently down 2 ¾ cents
Mar 24 Corn closed at $4.95 1/2, up 6 1/4 cents, currently down 2 ¾ 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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