Corn Posts Slight Gains Ahead of Report Day
Corn futures closed out the Wednesday session with contracts fractionally to 1 ½ cents higher. December settled at $4.04 ¾. The cmdtyView cash index was up ½ cent on the day to $3.69 ¼.
EIA data released this morning showed 1.08 million barrels per day of ethanol production for the week that ended on September 6. That was an improvement of 19,000 bpd from the week prior. Weekly stocks were back up 360,000 barrels to 23.714 million barrels by that date. Refiner inputs of ethanol dropped 41,000 bpd to 892,000 barrels per day. Ethanol exports were back up 86,000 barrels per day in that week to 177,000 bpd.
Export Sales data is expected to show net new crop sales of 700,000 MT to 1.6 MMT during the week of September 5 according to a Reuters survey of analysts.
Ahead of the Thursday USDA reports, US ending stocks are expected to be down ~8 mbu to 1.859 bbu for the old crop figure. New crop is seen dropping by 41 mbu to 2.032 bbu according to a Bloomberg survey, mainly due to the smaller estimated production. As for the world, traders estimate the stocks total to be down 0.8 MMT to 309.4 MMT.
Sep 24 Corn closed at $3.80 1/2, up 1 cent,
Nearby Cash was $3.69 1/4, up 1/2 cent,
Dec 24 Corn closed at $4.04 3/4, up 1/2 cent,
Mar 25 Corn closed at $4.23 1/2, up 1/4 cent,
New Crop Cash was $3.69 1/4, up 1/2 cent,
On the date of publication, Austin Schroeder 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.