Corn prices are off to an early rally on Thursday, with contracts up 5 to 6 cents. Futures rallied into the Wednesday close, as contracts were up 8 to 10 cents in most front months, with deferreds fractionally to 5 ¼ cents. Open interest saw an exit of September (-18,244), with the rest of the board up a combined 13,993 contracts. The CmdtyView national average Cash Corn price was up a dime at $4.45 1/2.
The ProFarmer Crop Tour showed Illinois corn yields averaging 184.19 bushels per acre down 7.71% from the last year and 7.52% below the 3 year average. The western Three districts of Iowa were pegged at 189.73 to 191.8 bpa, all below their restive tour averages last year. Results for the full IA yield, as well as MN will be announced later this evening.
Weekly EIA data from Wednesday morning showed a 28,000 barrel per day drop in ethanol production for the week ending on August 14 to 1.089 million barrels. Stocks were up 323,000 barrels to 25.121 million barrels. Refiner inputs of ethanol were up 11,000 bpd to 926,000 bpd.
USDA will release Export Sales data this morning, with traders looking for a total of 0-500,000 MT of old crop corn sold in the week of August 13. New crop business is seen between net sales of 0.5 to 1.3 MMT.
Sep 26 Corn closed at $4.73, up 9 3/4 cents, currently up 5 1/2 cents
Nearby Cash was $4.45 1/2, up 10 cents,
Dec 26 Corn closed at $4.98, up 10 cents, currently up 5 3/4 cents
Mar 27 Corn closed at $5.13 3/4, up 9 3/4 cents, currently up 5 1/4 cents
New Crop Cash was $4.48 1/1, up 9 3/4 cents,
On the date of publication, Austin Schroeder 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.
/An%20Intel%20sign%20out%20front%20of%20a%20corporate%20office%20by%20wolterke%20via%20Adobe%20Stock.jpeg)
/Space/Cargo%20spacecraft%20in%20low-Earth%20orbit%20by%20Paopano%20via%20Shutterstock.jpg)