Corn Market Mostly 1 to 2 Lower Ahead of Export Sales

Corn futures are 1 1/2 to 2 1/2 cents lower ahead of the weekly Export Sales report; they were 3 cents higher at yesterday’s close. There was some net new buying, with preliminary open interest rising 7,624 contracts. The delayed EIA weekly report showed an uptick in daily ethanol production by another 8,000 barrels per day, with 971,000 bpd produced for week ending 10/11. That implies more corn consumption. Ethanol stocks are also up, increasing 817,000 barrels to 22.061 million barrels. Argentinean corn was reported Thursday afternoon to be 24.2% planted. The department of agricultural estimates from Buenos Aires based that percentage on planting intentions of 15.814 million acres. US corn export sales for the week ending October 10 are expected to be in the range of 400-800,000 MT in this morning’s export sale report.

-- provided by Brugler Marketing & Management

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