Corn Close Higher with the Help of Short Covering

Corn futures closed the Wednesday session with most contracts firm to 3 1/4 cents higher. Weekly ethanol data from the EIA show production in the week of September 13 at 1.003 million barrels per day. That is down 20,000 bpd from the week prior and the lowest since early April. Stocks of ethanol rose 739,000 barrels to 23.238 million barrels by the end of that week. USDA is expected to show new crop corn sales in a range of 0.9-1.3 MMT in Thursday’s Export Sales report. That would be better than the 498,090 MT reported last week, with US FOB prices still relatively high (vs. South America) on the world market. USDA did report private daily export sales announcements of ~982,056 MT to Mexico during the week of 9/12.

DEC 19 Corn closed at $3.71 1/4, up 3 1/4 cents,

MAR 19 Corn closed at $3.82 1/2, up 2 1/2 cents,

MAY 20 Corn closed at $3.90 1/4, up 2 cents

JUL 20 Corn closed at $3.96 1/2, up 1 1/2 cents

-- provided by Brugler Marketing & Management

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