Corn Weaker at Midday

Corn futures are steady to 3 cents lower in most contracts on Wednesday. Weekly EIA data showed 1.072 million barrels per day of ethanol were produced in the week that ended on June 21. That was down just 9,000 bpd from the previous week and even with the same week last year. Stocks of ethanol were down 46,000 barrels at 21.567 million barrels. The trade range of estimates for old crop corn sales in the week of June 20 is 150,000-450,000 MT, with new crop at 100,000-300,000 MT. The average trade estimate for corn acreage ahead of Friday’s Grain Stocks is 5.332 bbu, which would be 27 mbu larger than the same time last year. USDA has stated that corn can be planted for silage on prevent plant acres as a “cover crop,” This could skew planted acreage higher when all is said and done but obviously will not be counted in the harvested acreage.

Jul 19 Corn is at $4.44 1/2, down 3 cents,

Sep 19 Corn is at $4.51 1/4, down 1 3/4 cents,

Dec 19 Corn is at $4.56 1/2, down 1 cent

Mar 20 Corn is at $4.61 1/4, down 3/4 cent

--provided by Brugler Marketing & Management

Market Commentary provided by:

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