Corn Market 4 to 6 Cents Higher

Corn is 4 to 6 cents per bushel higher this morning, chasing the wheat rally from Wednesday. On Wednesday, corn futures rallied late in the day for gains of 1 1/4 to 3 1/4 cents. July to Dec carry is now 7 1/2 cents. Analysts estimate USDA’s weekly update will show 300,000 to 600,000 MT of old crop corn export bookings. New crop export sales are estimated 150k-500k MT. EIA data showed 914k bpd of ethanol produced, an average daily production increase of 14k bpd. Ethanol stocks were 20.6m barrels, which was the first weekly increase in 10 weeks. The East Coast’s ethanol stocks have dropped 3.325m barrels to a 3-yr low after setting the all-time high on April 10. Argentina’s corn harvest was 81.7% complete through July 8. BAGE also reported yields are averaging 8.4 MT/HA (133.8 bpa), and maintains the 50 MMT production forecast. Brazil is reportedly 27% harvested for this year’s second crop. CONAB also lowered their corn production forecast to 100.56 MMT, with a 0.7 MMT cut to second crop. The triple crop estimates was up 1.2 MMT. Traders anticipate the July WASDE will also cut Brazil’s production, with an average estimate of 100.4 MMT down 0.6 from June.

--- provided by Brugler Marketing & Management

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