Corn

Corn futures are trading mostly one cent per bushel higher this morning. They were fractionally higher on Thursday. The weekly EIA report indicated that ethanol plants produced 1.1 million barrels per day of ethanol in the week of August 3. That was a jump of 36,000 bpd and the most since the week of December 1. Ethanol stocks jumped 956,000 barrels to 22.923 million barrels. Analysts are estimating that old crop corn export sales in the week of August 2 totaled 300,000-600,000 MT, with new crop in a range of 400,000-900,000 MT. USDA will be out with the numbers at 7:30 AM CDT. The average trade estimate calls for Friday’s WASDE report to drop Brazil corn production 1 MMT to 82.5 MMT.




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