Corn futures are trading 3 to 4 cents higher at midday on Wednesday after settling ½ to 2 ¼ cents higher on Tuesday,
The weekly EIA ethanol production report showed a drop of 11,000 bpa in average daily production last week, implying less corn use. That decline appeared to be tied to weaker nearby demand, as ethanol stocks rose 563,000 barrels for the week.
A drier weather pattern is expected across the Plains for the next week. Temps are expected to be above to much above average, particularly in the western half of the Corn Belt.
There were no new export sales announced under the daily system today. US FOB prices are competitive ($6-8/MT discount) with Brazilian offerings out through October despite abundant second crop Brazilian supplies in the pipeline. Low prices cure low prices……Initial trade ideas for Thursday’s weekly USDA Export Sales report are running 600,000 to 900,000 MT.
Sep 24 Corn is at $4.05 3/4, up 3 1/4 cents,
Nearby Cash is at $3.99 1/1, up 3 cents,
Dec 24 Corn is at $4.20 1/2, up 3 1/4 cents,
Mar 25 Corn is at $4.34 1/2, up 3 1/4 cents,
New Crop Cash is at $3.83, up 3 cents,
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