Corn Hovering Near Unchanged at Midday
Corn futures are trading near unchanged so far on Wednesday, with contracts showing just fractional gains. There were another 62 deliveries issued against September futures overnight.
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.
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 is at $3.81 1/4, up 1 3/4 cents,
Nearby Cash is at $3.69 3/8, up 1/2 cent,
Dec 24 Corn is at $4.04 3/4, up 1/2 cent,
Mar 25 Corn is at $4.23 1/4, unch,
New Crop Cash is at $3.69 3/8, 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.