Corn futures are showing mixed action so far on Wednesday, as front months are up 1 to 3 cents, with new crop contracts fractionally to 2 cents lower.
This morning’s EIA report showed a 10,000 barrel per day drop to ethanol production as of July 5 at 1.054 million barrels. Ethanol stocks were slightly higher, by 9,000 barrels to 23.065 million barrels. Exports in that week picked up to 182,000 barrels per day.
Ahead of Friday, the WAOB will make a few changes to the new crop production based of the June acreage data, with yield largely expected to remain at 181 bpa. Production is seen at 15.113 bbu, a 253 mbu increase from the June WASDE is realized.
Brazil corn production is expected to be steady to lower, with the average of a Bloomberg survey showing a 121.3 MMT estimate, down from the 122 MMT in June. The Argentine estimate is seen down 1.7 MMT to 51.3 MMT.
Jul 24 Corn is at $4.01 1/4, up 1 cent,
Nearby Cash is at $3.85 3/4, up 2 3/4 cents,
Sep 24 Corn is at $3.96 1/4, up 2 1/4 cents,
Dec 24 Corn is at $4.08, down 1/2 cent,
New Crop Cash is at $3.70 7/8, up 1 1/2 cents,
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