Corn

Corn futures finished the day with most contracts steady to fractionally mixed. The Wednesday morning EIA report showed ethanol production for the week of 9/8 down 13,000 barrels per day to 1.047 bpd. Ethanol stocks for the end of that week were up 16,000 barrels to 21.132 million barrels. Analysts are expecting 17/18 sales of 0.8-1.1MMT ahead of Thursday’s export sales report. The USDA dropped their 2017/18 national cash average midpoint estimate 10 cents to $3.20. The FSA reported September corn prevent plant acres, just 4,587 acres above August at 954,931 acres. China plans to start implementing nationwide use of E10 by 2020 according to reports, boosting demand for ethanol and speeding up consumption of out of condition corn stocks.

Sep 17 Corn closed at $3.38 1/2, down 1 1/2 cents,

Dec 17 Corn closed at $3.51 1/2, unch,

Mar 18 Corn closed at $3.63 3/4, unch,

May 18 Corn closed at $3.72, unch




Market Commentary provided by:

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