Corn prices are showing 1 to 2 ¼ cent losses as we trade on Thursday morning. Futures with the front months within a penny of unchanged, with other contracts down 1 to 3 cents across the rest of the board.
EIA data from Wednesday morning showed a total of 1.098 million barrels per day in production during the week of 8/16. That was a 26,000 bpd increase on the week. Stocks of ethanol were up 220,000 barrels to 23.574 million barrels. Part of that was due to the production increase, though refiner ethanol inputs were down 13,000 barrels per day to 919,000 bpd.
Traders are looking for today’s Export Sales report to show between 100,000 and 300,000 MT of old crop corn sold in the week of August 15. New crop sales are expected to be in the middle of 0.5 to 1.025 MMT for that week.
The third day of the ProFarmer Crop Tour on Wednesday showed Illinois yields averaging 204.14 bpa. That was above the 193.72 bpa from last year and the 3-year average of 193.58 bpa. Today is the final leg of the tour, with Iowa and Southern Minnesota yields released later today.
Sep 24 Corn closed at $3.75 1/2, up 1/2 cent, currently down 1 1/4 cents
Nearby Cash was $3.63, up 1 cent,
Dec 24 Corn closed at $3.98 1/4, up 1/4 cent, currently down 1 3/4 cents
Mar 25 Corn closed at $4.17, down 3/4 cent, currently 2 1/4 cents
New Crop Cash was $3.56, 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 Disclosure Policy here.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
