Corn prices are kicking off the Thursday session with losses of 2 to 4 cents. Futures closed Wednesday 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. There were 206 delivery notices issued against September corn futures on Wednesday.
Weekly EIA data will be updated later this morning, delayed due to the Monday holiday.
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.
Sep 24 Corn closed at $3.90 1/2, up 4 cents, currently down 3 3/4 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, currently down 3 cents
Mar 25 Corn closed at $4.31, up 3 3/4 cents, currently down 2 3/4 cents
New Crop Cash was $3.77 1/1, up 3 1/4 cents,
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