Corn Bulls Fight Off Overnight Weakness
Corn futures are trading with fractional to 3 cent midday gains on Wednesday. There were another 203 deliveries issued against September corn overnight. The CmdtyView national average Cash Corn price is up 2 1/4 cents at $5.01 1/2.
Wednesday’s EIA report showed ethanol production in the week that ended on August 28 at 1.11 million barrels per day, down just 2,000 bpd on the week. Stocks saw a draw of 171,000 barrels to 25.036 million barrels. Refiner inputs of ethanol rose 17,000 bpd to 940,000 bpd as exports slipped 58,000 bpd to 104,000 bpd.
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USDA’s monthly Grain Crushing report was out on Tuesday with a total of 474.7 mbu of corn used for ethanol in July. That was 2.3% above last month and 3.75% larger yr/yr.
Brazil’s first corn crop is estimated at 29.3 MMT according to StoneX, up 0.5 MMT from their previous estimate.
Sep 26 Corn closed at $5.22, up 1/2 cent,
Nearby Cash was $5.01 1/2, up 2 1/4 cents,
Dec 26 Corn closed at $5.47 3/4, up 1 3/4 cents,
Mar 27 Corn closed at $5.62 1/2, up 2 1/4 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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