Corn futures are trading with 3 to 4 cents losses across the front months so far on Thursday. 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 night.
Weekly EIA data was delayed due to the Monday holiday, with ethanol production at 1.061 million barrels per day in the week of 8/30, down 10,000 bpd from the week prior. Ethanol stocks dropped 218,000 barrels to 23.354 million barrels. Refiner inputs of ethanol were up 8,000 barrels to 933,000 bpd. Exports in that week were down 54,000 barrels per day to 91,000 bpd.
Export Sales estimates are running net reductions of 100,000 MT to net sales of 200,000 MT in the week of 8/29 for old crop. New crop is expected to be between sales of 0.7 to 1.4 MMT.
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 is at $3.88 3/4, down 1 3/4 cents,
Nearby Cash is at $3.74 3/4, down 3 1/4 cents,
Dec 24 Corn is at $4.09 3/4, down 3 cents,
Mar 25 Corn is at $4.28, down 3 cents,
New Crop Cash is at $3.74 3/4, down 3 1/4 cents,
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