Corn futures rallied into the Wednesday close, as contracts were up 8 to 10 cents in most front months, with deferreds fractionally to 5 ¼ cents. The CmdtyView national average Cash Corn price was up a dime at $4.45 1/2.
The ProFarmer Crop Tour showed Nebraska corn yields averaging 163.61 bushels per acre down 8.85% from the last year and 5.6% below the 3 year average. Indiana yields came in at 183.54 bpa, down 5.3% from a year ago and a 2.1% decline from the three year average. Results for Illinois will be announced later this evening.
Weekly EIA data from Wednesday morning showed a 28,000 barrel per day drop in ethanol production for the week ending on August 14 to 1.089 million barrels. Stocks were up 323,000 barrels to 25.121 million barrels. Refiner inputs of ethanol were up 11,000 bpd to 926,000 bpd.
USDA will released Export Sales data on Thursday morning, with traders looking for a total of 0-500,000 MT of old crop corn sold in the week of August 13. New crop business is seen between net sales of 0.5 to 1.3 MMT.
Sep 26 Corn closed at $4.73, up 9 3/4 cents,
Nearby Cash was $4.45 1/2, up 10 cents,
Dec 26 Corn closed at $4.98, up 10 cents,
Mar 27 Corn closed at $5.13 3/4, up 9 3/4 cents,
New Crop Cash was $4.48 1/1, up 9 3/4 cents,
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.
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