Corn Closes Lower Ahead of USDA Reports

Corn futures closed the Wednesday session with most contracts fractionally to 2 1/4 cents lower. Reports on Wednesday showed that the White House is urging the biofuel industry to take a deal that would increase the blend mandate. 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 and 3,000 larger than the first week of the 18/19 MY. Ethanol stocks were down a sharp 1.302 million barrels to 22.499 million barrels, with all regions but the West Coast reducing stocks. 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 tomorrow. Ahead of Thursday’s WASDE update, analysts are expecting USDA to increase old crop corn world carryout by 0.75 MMT to 329.33 MMT, mainly on a jump to the US number. New crop carryout seen at 303.18 MMT, down 4.52 from August.

SEP 19 Corn closed at $3.48 1/4, down 1/4 cent,

DEC 19 Corn closed at $3.60, down 1 1/2 cents,

MAR 20 Corn closed at $3.72 1/4, down 2 1/4 cents

MAY 20 Corn closed at $3.81 3/4, down 1 3/4 cents

-- provided by Brugler Marketing & Management

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