Corn Market 2 to 3 Cents Lower Ahead of News

Corn futures are mostly 2 to 3 cents lower this morning ahead of the Export Sales and WASDE reports. They saw 1 to 2 1/2 cent gains in most contracts on Wednesday. Traders were squaring their positions prior to Thursday’s USDA reports. The EIA report showed weekly ethanol production slowing 34,000 barrels per day in the holiday week of July 5 to 1.047 million bpd. Ethanol stocks were 165,000 barrels to 23.009 million barrels. On average, traders are looking for a slight drop in US production to 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.

--provided by Brugler Marketing & Management

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