Corn Market Commentary

Corn futures are trading 1 cent per bushel higher this morning. They ended Wednesday with 13 to 14 1/4 cent losses in the front months after bearish USDA reports. The weekly EIA ethanol production was down 67,000 barrels per day @ 1.02 million bpd. Ethanol stocks rose 191,000 barrels to 22.894 million barrels. NASS updated their US corn yield number to 181.3 bpa, up 2.9 bpa from their initial August report. They now have record projected yield in most of the major Corn Belt states (NE, IA, IL, IN, OH, SD). That placed production at 14.827 bbu, with the new crop carryout up 90 mbu at 1.774 bbu. The USDA cut 25 mbu from old crop US stocks by increasing expected exports. World ending stocks for 17/18 were up 0.82 MMT to 194.15 MMT, with 2018/19 1.54 higher at 157.03 MMT. FSA data, released after the close, showed producers registering 928,157 acres of corn as prevented planting for corn through September 1, up slightly from August. Export sales in the week of 9/6 are expected to be shown at 0.8-1.2 MMT this morning.

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