Corn Firm on Wednesday

Corn futures are showing fractional to 1 1/4 cent gains at midday. USDA reported a private export sale of 328,000 MT of corn for 19/20 delivery to Mexico through their daily reporting system this morning. Weekly ethanol data from EIA showed production in the week that ended on August 16 at 1.023 million barrels per day. That was down 22,000 bpd from the previous week and the lowest output since early April. Ethanol stocks dropped 516,000 barrels to 23.367 million barrels. Reports on Tuesday showed ethanol plants idling or slowing production across the country due to poor margins. The ProFarmer Midwest Crop Tour found a Nebraska average yield of 172.55 bpa vs. 179.17 last year. The Indiana average was 161.46 bpa vs. 182.33 LY. Today is your last chance to submit results for the Brugler Virtual Corn Tour! Traders are expecting a wide range of old crop export sales in the week of August 15 at 50,000-400,000 MT, with new crop at 200,000-600,000 MT.

SEP 19 Corn is at $3.60 3/4, up 1 1/4 cents,

DEC 19 Corn is at $3.69, up 1/4 cent,

MAR 20 Corn is at $3.81 1/2, up 1/4 cent

MAY 20 Corn is at $3.89 1/2, up 3/4 cent

--- provided by Brugler Marketing & Management




Market Commentary provided by:

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