Corn futures are trading 3 to 5 cents lower as the market trades through the Wednesday session, as bulls fail to push things higher.
The weekly EIA report showed ethanol production in the week ending on August 2 at 1.067 million barrels per day. That was down 42,000 barrels per day from the previous week’s record total. Stocks of ethanol were down 206,000 barrels at 23.767 million barrels, as exports were a near record 210,000 barrels per day in that week.
Estimates ahead of next Monday’s Crop Production report are showing average yield estimates at 182.1 bpa according to a Reuters survey of analysts, above the 181 from the previous WASDE reports. Production is expected to be increased just slightly, but 12 mbu, as acreage estimates are seen nearly 471,000 acres lower.
Brazilian corn exports in July totaled 3.553 MMT according to trade ministry data, down 16% from July 2023. ANEC expected the country’s August exports to total 6.29 MMT, down nearly 3 MMT from last year if realized.
Sep 24 Corn is at $3.84, down 4 3/4 cents,
Nearby Cash is at $3.73 1/8, down 5 cents,
Dec 24 Corn is at $4.01 3/4, down 3 1/2 cents,
Mar 25 Corn is at $4.18 3/4, down 3 1/2 cents,
New Crop Cash is at $3.64, down 4 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.
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