Corn Market Commentary

Corn futures ended the Wednesday session with most contracts 1 to 2 cents in the red. This morning’s EIA report showed ethanol production in the week of 11/2 at 1.068 million barrels per day, up 9,000 bpd from the previous week. Stocks of ethanol were up 404,000 barrels at 23.150 million barrels, with the Midwest and West Coast seeing a jump. Prior to Thursday’s monthly USDA reports, analysts are expecting US corn ending stocks to drop 38 mbu to 1.775 bbu. The Export Sales report tomorrow is seen as showing 600,000-900,000 MT in 18/19 corn sales for the week of 11/1. China’s CNGOIC revised last years corn crop to 259 MMT, up 20% from previously thought! They also put the 18/19 crop at 259 MMT, well above the Ag ministry’s 213 MMT. This may cause changes to USDA world S & D table in upcoming reports and would take away the tightest since 2000 world stocks/use argument if adopted. Going into Thursday’s USDA report, analysts expected world stocks to be slightly lower at 158.82.

Dec 18 Corn closed at $3.72 1/4, down 1 cent,

Mar 19 Corn closed at $3.83 3/4, down 1 1/2 cents,

May 19 Corn closed at $3.91 1/2, down 1 1/2 cents

Jul 19 Corn closed at $3.97 1/2, down 1 1/4 cents

--provided by Brugler Marketing & Management

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