Corn futures ended the day with most nearby contracts fractionally higher. The Wednesday morning EIA report indicated that ethanol plants produced 1.1 million barrels per day of ethanol in the week of August 3. That was a jump of 36,000 bpd and the most since the week of December 1. Ethanol stocks jumped 956,000 barrels to 22.923 million barrels, with increases to the Gulf and Midwest. Analysts are estimating that old crop corn export sales in the week of August 2 totaled 300,000-600,000 MT, with new crop in a range of 400,000-900,000 MT. A Taiwan importer is tendering for 65,000 MT of optional origin corn, with the tender closing on Thursday. The average trade estimate for the 17/18 Brazil corn production is 82.5 MMT, down 1 from the July estimate, in Friday’s WASDE report.

Sep 18 Corn closed at $3.71 1/4, up 1/2 cent,

Dec 18 Corn closed at $3.85, up 1/2 cent,

Mar 19 Corn closed at $3.96, up 1/2 cent

May 19 Corn closed at $4.02 1/2, up 1/2 cent

Market Commentary provided by:

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