Wednesday Corn Lower

Corn futures are lower at midday, seeing losses in the nearby contracts of 3/4 to 3 cents. The EIA weekly report showed that ethanol production did remain above 1 million bpd, at 1,014 mil bpd for the week ending 11/1. Stocks were reported at 21.874 million barrels, with the Midwest region holding the dominant share per usual. Traders are estimating Thursday’s weekly export sales to range from 300,000 MT to 650,000 MT of corn sales for the week ending 10/31. South Korean firms purchased 201,000 MT of corn for February delivery, optional origin. A Reuters survey showed estimates for the USDA report average 167.5 bpa for 2019 US corn yield. Traders are also expecting a modest reduction in harvested acres. The average estimation for global ending stocks was 300.31 MMT of corn.

DEC 19 Corn is at $3.81, down 3/4 cent,

MAR 19 Corn is at $3.89 1/2, down 2 1/4 cents,

MAY 20 Corn is at $3.95 3/4, down 2 3/4 cents

JUL 20 Corn is at $4.01 3/4, down 3 cents

-- provided by Brugler Marketing & Management




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