Corn Market Commentary

Corn futures are trading 1 cent per bushel higher after closing 1 to 2 cents lower on Wednesday. The EIA ethanol report showed average production up 9,000 bpd from the previous week. Ethanol stocks ballooned 404,000 barrels at 23.150 million barrels. Prior to the monthly USDA reports, analysts are expecting US corn ending stocks to drop 38 mbu to 1.775 bbu. The Export Sales report today is seen 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. Going into today’s USDA report, analysts expected world stocks to be slightly lower at 158.82.

--provided by Brugler Marketing & Management

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