Corn Market News and Commentary

Corn futures are within fractions on both sides of UNCH this morning. Most contracts were steady to fractionally higher on Wednesday. Higher ethanol futures provided some strength. The weekly EIA report showed ethanol production at 1.005 million barrels per day in the week that ended on March 8, down 19,000 bpd from the week prior. Ethanol stocks shrank 530,000 barrels to 23.731 million barrels. Brazilian cane mills indicated they would begin operations a couple weeks earlier than normal as the raw material is becoming available. This morning’s USDA Export Sales report is expected to show between 0.8-1.2 MMT in old crop corn sales for the week ending March 7, with 0-300,000 MT for new crop. An Allendale survey shows expected 2019 corn acreage at 91.475 million acres.

--provided by Brugler Marketing & Management

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