Corn futures closed the Wednesday session with contract pulling out 3 to 4 cent gains across the nearbys. The front month cmdtyView US cash corn price was up 3 1/4 cents to $3.78 on Wednesday.
July export data from Census showed 5.26 MMT (216.38 mbu), 4.3% below the June total and more than double the same month last year. The marketing year sales have totaled 2.089 bbu, which is 164.4 mbu shy of the full year projection from USDA with August data left. Shipments of distillers were a 6-year high for July and the largest total since January 2022 at 1.094 MMT. Ethanol exports totaled 135.99 billion gallons, down 7% from June but a record for July.
StoneX increased their US corn yield estimate by 0.6 bpa to 182.9 bpa on Wednesday. Production was cut by 80 million bushels to 15.127 bbu, likely on lower acreage.
Weekly Crop Progress data showed corn condition ratings unchanged at 65% good/excellent, with the Brugler500 index up 1 point to 364. Ratings in OH fell back 19 points, with IN down 6 points, ND losing 5 points and NE dropping 4 points. As for the improving states, MN was up 7 points, with IL and MO up a single point.
Sep 24 Corn closed at $3.90 1/2, up 4 cents,
Nearby Cash was $3.77 1/1, up 3 1/4 cents,
Dec 24 Corn closed at $4.12 3/4, up 3 1/2 cents,
Mar 25 Corn closed at $4.31, up 3 3/4 cents,
New Crop Cash was $3.77 1/1, up 3 1/4 cents,
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