Corn futures are trading 5 to 7 1/4 cents lower in most contracts on Wednesday. The weekly EIA report showed ethanol production in the week that ended 7/6 at 1.033 million barrels per day. That was down 34,000 bpd from the week prior and the lowest weekly production in 7 weeks. Stocks of ethanol rose 418,000 barrels during that week to 22.393 million barrels, the largest inventory since the last week in March. The average trade guess for old crop US corn stocks in Thursday’s USDA S&D report is for a 13 mbu jump to 2.115 bbu. New crop US stocks are also seen higher, mainly from the increase to acreage in June 29’s Acreage report. Analysts are expecting a 263 mbu jump to US production to 14.303 bbu, with acreage seen as the main mover as the USDA rarely adjusted yield in July.
Jul 18 Corn is at $3.32 1/2, down 7 1/4 cents,
Sep 18 Corn is at $3.41 3/4, down 6 cents,
Dec 18 Corn is at $3.55 1/4, down 5 1/2 cents
Mar 19 Corn is at $3.66 3/4, down 5 1/2 cents