Corn futures are trading with 1 to 2 cent midday losses so far on Wednesday, with September down 5 ¾ on thin trade. The CmdtyView national average Cash Corn price is down 2 cents at $3.73.
EIA data released this morning showed ethanol production in the week ending on September 5 at 1.105 million barrels per day, up 30,000 bpd from the week prior. Stocks saw a build of 273,000 barrels to 22.837 million barrels. Ethanol exports in that week were 121,000 barrels per day, up 32,000 bpd from last week. Refiner inputs were down 35,000 bpd to 880,000 bpd.
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USDA will release their monthly Crop Production report on Friday, with a Reuters survey of analysts looking for a 2.6 bpa reduction to yield this month to 186.2 bpa. Production is seen at 16.516 bbu, which would be down 226 mbu from the August estimate. The WASDE report will also be release, with traders looking for old crop US corn ending stocks at 1.311 bbu, up 6 mbu vs. August, as new crop is expected to be down 106 mbu to 2.011 bbu.
ANEC estimates the Brazilian corn exports in September at 6.96 MMT, up 0.59 MMT from their estimate last week. A South Korean importer issued a tender for 140,000 MT of corn with a deadline of September 11.
Sep 25 Corn is at $3.95 1/2, down 5 3/4 cents,
Nearby Cash is at $3.73, down 2 cents,
Dec 25 Corn is at $4.17 3/4, down 2 cents,
Mar 26 Corn is at $4.35 3/4, down 1 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.
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