Corn is trading at 1 1/2 to 3 cent gains for the midweek session. The corn market rebounded on Tuesday and closed fractionally to 3 1/2 cents in the black. December contracts poked their head over the $5 mark late in the session but faded into the close.
EIA will release the weekly ethanol production data later this morning.
Brazil’s Anec estimates corn shipments from there at 9.8 MMT for August. Yesterday, Census confirmed that June US shipments totaled 3.82 MMT, with the 10 month total at 37.14 MMT.
Ahead of the NASS Crop Production and WASDE updates on Friday, analysts are looking for a 1.8 bpa smaller national corn yield on average. The full range of estimates is from 172.4 to 178 bpa. Traders expect total production to be 15.153 bbu on average. New crop carryout is expected to drop 95 mbu to 2.167 on average.
Sep 23 Corn closed at $4.85 3/4, up 3 1/2 cents, currently up 2 1/4 cents
Nearby Cash was $5.26 5/8, up 3 1/2 cents,
Dec 23 Corn closed at $4.98 3/4, up 3 cents, currently up 2 1/4 cents
Mar 24 Corn closed at $5.12 1/4, up 3 cents, currently up 1 1/2 cents
On the date of publication, Alan Brugler 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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