Corn Market Slightly Higher Ahead of USDA Reports

Corn futures are trading 1 to 2 cents higher this morning. They were fractionally to 2 1/4 cents lower. Weekly EIA data showed ethanol production during the week that ended on September 6 at 1.023 million barrels per day. That was up 10,000 bpd from the week prior. Ethanol stocks were down a sharp 1.302 million barrels to 22.499 million barrels, with all regions but the West Coast lower. USDA is expected to show new crop corn sales of 500,000-900,000 MT during the week of 9/6 in the weekly Export Sales report. Ahead of today’s WASDE update, analysts are expecting USDA to increase old crop corn world carryout by 0.75 MMT to 329.33 MMT, mainly on an increase in the US number. The average guess for new crop carryout seems to be around 303.2 MMT, down 4.52 from August.

-- provided by Brugler Marketing & Management

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