Corn Market 1 to 2 Cents Higher

Corn futures are trading 1 to 2 cents higher ahead of the weekly USDA Export Sales data. They were 1 1/2 to 3 cents higher on Wednesday. Weekly EIA ethanol production (ending August 2) averaged 1.04 million barrels per day. That was up 9,000 bpd for the week but well below the same week in 2018. Stocks of ethanol showed the largest 1 week drop on record (1.351 million barrels) to 23.117 million barrels. Ahead of today’s weekly Export Sales report analysts expected 100,000-300,000 MT for old crop corn. New crop bookings are seen at 200,000-600,000 MT. A Reuters poll shows an average analyst estimate of 2.392 bbu for old crop US corn carryout, up 52 mbu from July. Most are cutting the export forecast. New crop ending stocks are seen at 1.62 bbu, which would be a drop of 390 mbu from USDA’s previous number.

--provided by Brugler Marketing & Management




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