Corn futures saw most contracts 7 to 8 cents lower on Wednesday. Bearish ethanol data and spillover selling from soybeans were features, with rain forecasts on the 7-day QPF for most of the Corn Belt not helping. Trade estimates are ranging 400,000-800,000 MT for old crop corn export sales, with 250,000-550,000 MT expected for new crop ahead of Thursday morning’s FAS report. 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. 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 closed at $3.31 1/4, down 8 1/2 cents,
Sep 18 Corn closed at $3.40, down 7 3/4 cents,
Dec 18 Corn closed at $3.53 1/4, down 7 1/2 cents
Mar 19 Corn closed at $3.65, down 7 1/4 cents