Corn futures saw some buying off early lows on Thursday, as contracts closed with 1 to 2 cent gains across the front months. The CmdtyView national average Cash Corn price as up 1 1/4 at $3.75 1/4.
Weekly ethanol data showed a total of 1.075 million barrels of ethanol per day produced in the week of 8/29, an increase of 5,000 bpd from the week prior. Stocks were 15,000 barrels higher to 22.564 million barrels.
Export Sales data will be released on Friday morning, with traders looking for between net reductions of 400,000 MT to sales of 100,000 MT for old crop. New crop business is expected to total between 0.9 to 2.2 MMT in the week of August 28.
Census trade data was released this morning, showing 6.224 MMT (245.04 mbu) of corn shipped during July. That was the second largest total for that month on record and 16.82% above last year, though it was a 7.74$% drop from last month. The full marketing year shipments are now 66.132 MMT (2.603 bbu) through the first 11 months.
Distiller exports totaled 1.058 MMT during July, up 15.32% from June but down 2.93% from last year. Ethanol exports continue to be record, this time at 164.38 million gallons in July, up 27.97% from last year but down 5.35% from June.
StoneX estimates the US corn yield at 186.9 bpa, a drop of 1.2 bpa from the August estimate based off a survey of producers, with production seen at 16.577 bbu.
Brazilian corn exports in August totaled 6.846 MMT, which was nearly triple the July total and 12.96% larger than the August 2024 total.
Sep 25 Corn closed at $3.99 3/4, up 2 cents,
Nearby Cash was $3.75 1/4, up 1 1/4 cents,
Dec 25 Corn closed at $4.19 3/4, up 1 3/4 cents,
Mar 26 Corn closed at $4.37 1/2, up 1 1/2 cents,
