Corn futures closed out Wednesday with strength, as contracts were up 3 to 4 cents in the front months.
EIA data from this morning showed ethanol production back up 5,000 barrels per day from the week prior to 1.072 million bpd in the week of August 9. Stocks of ethanol were down 413,000 barrels to 23.354 million barrels. Blender and refiner inputs of ethanol totaled 932,000 bpd, the most since late May.
Traders are estimating to see between 300,000 and 550,000 MT of old crop corn export sales for the week that ended on August 8 in tomorrow morning’s Export Sales report. New crop is expected to be in the middle of a 150,000 and 800,000 MT range.
Sep 24 Corn closed at $3.81, up 3 1/4 cents,
Nearby Cash was $3.68 3/8, up 3 3/4 cents,
Dec 24 Corn closed at $4.00 3/4, up 3 1/2 cents,
Mar 25 Corn closed at $4.18 1/4, up 3 1/2 cents,
New Crop Cash was $3.62 1/1, up 3 cents,
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