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Nickel Gains for Wednesday Corn

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Prices continued higher through the afternoon session, and the front month futures closed within 1/4 of the highs. The first three contracts added a nickel to Tuesday prices, but gains shrank to 2 3/4 cents for the deferred months. The cmdtyView national average corn yield estimate is now 178.23 bpa. Ethanol futures were $1.306/gal on Wednesday. U.S. Grains Council reported FOB ethanol prices at $1.515/gal out of the Gulf. That was down 0.9% wk/wk, and widened the discount to Brazil to 9 cents. EIA data showed average daily ethanol production was 926k barrels for the week ending 9/11. That was 15k bpd lower wk/wk, but ethanol stocks also tightened another 195,000 barrels to 19.798 million. EIA data also showed 36,000 barrels of ethanol imports to the West Coast. Ahead of USDA’s weekly Export Sales report update, traders anticipate between 0.8 and 1.9 MMT of corn bookings from the week ending 9/10.

Dec 20 Corn closed at $3.71 3/4, up 5 3/4 cents,

Mar 21 Corn closed at $3.81, up 5 1/4 cents,

May 21 Corn closed at $3.86 1/4, up 5 cents,

Jul 21 Corn closed at $3.89 3/4, up 4 3/4 cents,

--- provided by Brugler Marketing & Management

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