Midday corn futures are off their earlier highs and trading red. Losses are limited to 3 cents so far in the nearbys with most contracts down a penny or less. September corn is still fractionally higher at midday.
Pro Farmer’s highly anticipated crop tour was in Nebraska and Indiana yesterday showing a 158.5 and 177.8 bpa survey result respectively. For NE that compares to last year’s 182.4, where as in IN their estimate last year was 102.
The weekly EIA report showed an average of 983k barrels of ethanol production per day through the week that ended 8/12. That compares to 1.022 million barrels per day during the week prior.
Ukrainian Grain Association reduced their corn harvest outlook by 12% from their prior 27.3 MMT estimate to 24 MMT – citing a smaller harvested area given destruction from the Russian invasion. The UkrAgroConsult lifted their outlook for the corn crop by 800k MT to 26.5 citing favorable weather during the growing season.
Brazil’s Ag Rural reported the 2nd crop harvest reached 90% completion vs 85.4% last week and 79% last season.
Sep 22 Corn is at $6.60, unch,
Nearby Cash is at $7.10 3/8, down 3/4 cent,
Dec 22 Corn is at $6.54 1/4, down 1 cents,
Mar 23 Corn is at $6.59 1/4, down 2 1/4 cents,
New Crop Cash is at $6.22 3/4, down 5/8 cent,
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