Corn Getting a Midday Pop
Corn futures are trading with gains of 2 to 3 ¼ cents as we head into Wednesday’s midday, after seeing some early weakness.
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 Sakes report. New crop is expected to be in the middle of a 150,000 and 800,000 MT range.
Sep 24 Corn is at $3.80 1/4, up 2 1/2 cents,
Nearby Cash is at $3.68 1/1, up 3 1/4 cents,
Dec 24 Corn is at $4.00 1/4, up 3 cents,
Mar 25 Corn is at $4.17 1/2, up 2 3/4 cents,
New Crop Cash is at $3.61 1/2, up 2 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 Barchart Disclosure Policy here.
