Corn futures are trading fractionally to 2 cents higher Ahead of the weekly USDA Export Sales report. The front month corn market was a penny to 7 ¾ cents lower on Wednesday.
Trade estimates for the weekly Export Sales report are running +/-150k MT for old crop corn bookings and 400k MT to 1.1 MMT for new crop export sales.
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, a 9 month low.
Completion of 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 export shipments at 9.19 MMT for August, up from 6.89 MMT during Aug ’22.
Sep 23 Corn closed at $4.61 3/4, down 7 3/4 cents, currently up 1 1/2 cents
Nearby Cash was $4.82 1/1, down 11 7/8 cents,
Dec 23 Corn closed at $4.80 3/4, down 6 cents, currently up 2 cents
Mar 24 Corn closed at $4.97, down 4 3/4 cents, currently up 1 cent
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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