Corn Market 1 to 2 Cents Higher

Corn futures are trading 1 to 2 cents higher ahead of the weekly USDA Export Sales data. They were 1 1/2 to 3 cents higher on Wednesday. Weekly EIA ethanol production (ending August 2) averaged 1.04 million barrels per day. That was up 9,000 bpd for the week but well below the same week in 2018. Stocks of ethanol showed the largest 1 week drop on record (1.351 million barrels) to 23.117 million barrels. Ahead of today’s weekly Export Sales report analysts expected 100,000-300,000 MT for old crop corn. New crop bookings are seen at 200,000-600,000 MT. A Reuters poll shows an average analyst estimate of 2.392 bbu for old crop US corn carryout, up 52 mbu from July. Most are cutting the export forecast. New crop ending stocks are seen at 1.62 bbu, which would be a drop of 390 mbu from USDA’s previous number.

--provided by Brugler Marketing & Management

Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353

Did you know Brugler Marketing & Management has more to offer to you than just this free daily commentary?! Producers just like you rely on our custom research and daily guidance on when and how to market their commodities. Click here to learn more about what we have to offer, or call 402-697-3623. Do it today!

Do you want to know what trades Alan Brugler recommends? Subscribe to Ag Market Professional, and become part of the Brugler client group! Not sure? Ask for a FREE SAMPLE and get two FREE GIFTS! Start here

Want this Ag News delivered to your inbox? Get the FREE Brugler Ag Newsletter, delivered 3 times daily.