Corn Pulled Higher by Soybeans at Midday

Corn futures are trading firm to 2 cents higher in most contracts on Wednesday, ignoring soon to expire July. Spillover from strength in soybeans is supportive at midday. This morning’s EIA report showed weekly ethanol production backing off by 34,000 barrels per day in the holiday week of July 5. Weekly production averaged 1.047 million bpd, which was still slightly above the same week last year. Stocks of ethanol were up another 165,000 barrels to 23.009 million barrels. Ahead of Thursday’s monthly USDA update, trade estimates are looking for a slight drop to US production at 13.664 bbu according to a Reuters poll. That comes even though NASS estimated higher planted acreage on June 28, with trade average yield pegged at 165 bpa (-1 mo/mo). WAOB has used the NASS number from the Planted Acreage report every year, and only adjusted the harvested acreage once (1993), in the past 27 years. Analysts estimate that 150,000-400,000 MT of old crop corn was sold for export in the week of July 4, with 100,000-300,000 MT for new crop.

JUL 19 Corn is at $4.31 1/2, down 1/4 cent,

SEP 19 Corn is at $4.34 1/2, up 2 cents,

DEC 19 Corn is at $4.39 1/4, up 2 cents

MAR 20 Corn is at $4.45 3/4, up 1 1/4 cents

--provided by Brugler Marketing & Management

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