The midweek corn session is trading fractionally to 4 ¼ cents lower through midday. Dec has seen a 9 ¼ cent range so far for the day from +5 to -4 ¼ cents.
EIA reported 1.007m barrels of ethanol was produced during the week that ended 8/25. That was a 41k barrel decrease for the week but remained +1m barrels for the 14th consecutive week. Stocks were 1.1m barrels tighter at 21.6 million barrels.
Brazil’s 2nd crop harvest will see some delays as a front has stalled over center Brazil, and is bringing heavy rain accumulations. The typical wet season begins later in September.
Anec estimates the Brazilian corn shipment at 9.19 MMT for August, up from 6.89 MMT during Aug ’22.
StatsCan reported the 2023 corn output is expected at 14.727 MMT, compared to 14.54 MMT last year and the 14.8 MMT average trade guess going in.
Sep 23 Corn is at $4.64 3/4, down 4 3/4 cents,
Nearby Cash is at $4.87 7/8, down 7 cents,
Dec 23 Corn is at $4.83, down 3 3/4 cents,
Mar 24 Corn is at $4.98 3/4, down 3 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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