
Front month corn futures are trading with midday losses of 1 ½ to 3 cents.
EIA’s weekly data showed ethanol producers averaged 1.012 million barrels per day during the week that ended 9/1. The weekly stocks data had 12k barrels more in supply through the week with 21.621 million barrels.
Traders expect old crop corn sales to range from 200k MT of net cancelations to 100k MT of net new business for the week that ended 8/31. The new crop sales are estimated between 400k MT and 1 MMT.
Monthly Census data had 94.41 mbu of corn shipments for the month of July. That was a 56 mbu drop from June exports and was half of July ‘22’s volume. The YTD corn exports were 1.557 bbu through July, requiring a 68 mbu export total for August to hit or exceed the WASDE full year forecast. USDA will update their S&Ds next Tuesday.
Sep 23 Corn is at $4.68 1/2, down 3 cents,
Nearby Cash is at $4.71 5/8, down 1 7/8 cents,
Dec 23 Corn is at $4.84 1/4, down 1 1/2 cents,
Mar 24 Corn is at $4.98 1/4, down 1 3/4 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.