Corn futures ended the Wednesday session with contracts up 3 to 5 ¾ cents. Contracts were up double digits at midday but backed off on a wetter change in the GFS model for later in August.
The Weekly Petroleum Status Report from EIA showed ethanol production in the week of August 5th at 1.022 million barrels per day, a 21,000 bpd drop from the week prior. Stocks were also on the decline, down 138,000 barrels to an 8-week low of 23.256 million barrels.
Thursday’s Export Sales reported is expected to show 0-300,000 MT of old crop corn sold in the week of 8/4. New crop sales estimates are in a range of 100,000-600,000 MT.
Ahead of Friday’s WASDE report, the trade is estimating USDA to cut new crop world carryout by 3 MMT to 309.9 MMT.
Ukraine shipped 1.1 MMT of corn out of the country in July, with total grains at 2.66 MMT, a 23% increase over June according to the country’s Ag Ministry.
Sep 22 Corn closed at $6.21 1/4, up 5 3/4 cents,
Nearby Cash was $6.86 3/8, down 1/2 cent,
Dec 22 Corn closed at $6.18 1/2, up 4 1/2 cents,
Mar 23 Corn closed at $6.25 3/4, up 4 1/4 cents,
New Crop Cash was $5.83 1/2, up 4 1/2 cents,
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