Corn Showing Slight Bounce on Wednesday

Corn futures are showing 1 to 2 cent gains in the front months on Wednesday. EIA reported weekly ethanol production at 1.066 million barrels per day in the week of July 12. That was a jump of 19,000 bpd from the week prior and slightly above the same week last year. Stocks on that date were shown at 23.365 million barrels, 356,000 barrels above last week. Export Sales estimates for old crop corn ahead of tomorrow morning’s release at 250,000-500,000 MT, with new crop at 100,000-300,000 MT for the week of July 11. The national average corn cash price was reported at $4.26 3/4 by cmdtyView on Tuesday, pegging basis at -8 1/2 cents against September. Last year on the same date, cash was @ $3.07 3/4 with basis at -34 cents.

SEP 19 Corn is at $4.36 3/4, up 1 1/2 cents,

DEC 19 Corn is at $4.42 1/2, up 1 1/4 cents,

MAR 20 Corn is at $4.49 3/4, up 1 1/4 cents

MAY 20 Corn is at $4.53, up 1 cent

--provided by Brugler Marketing & Management

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