Corn Market Fractionally Higher After Wednesday Support

Corn futures are fractionally higher this morning after being up 1 1/2 to 3 cents on Wednesday. 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. Losses in corn from last week made US FOB prices more competitive with South American offers, but they are still at a premium. Average EIA ethanol production for the week ending August 16 was 1.023 million barrels per day. That was down 22,000 bpd from the previous week and the slowest 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 an Illinois average yield of 171.17 bpa vs. 192.63 last year. That’s down 11%, but USDA currently has Illinois corn yield down 14% from year ago.

--- provided by Brugler Marketing & Management




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