Corn futures saw most contracts 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. Stocks of ethanol were down 530,000 barrels at 23.731 million barrels, as the Gulf was the only region to not show a reduction. Thursday’s Export Sales report is expected to show between 0.8-1.2 MMT in old crop corn sales in the week of 3/7, with 0-300,000 MT for new crop. An Allendale survey shows expected 2019 corn acreage at 91.475 million acres.
Mar 19 Corn closed at $3.57 1/4, up 3/4 cent,
May 19 Corn closed at $3.66 1/2, up 3/4 cent,
Jul 19 Corn closed at $3.76 1/4, up 3/4 cent
Sep 19 Corn closed at $3.83 1/2, up 3/4 cent
--provided by Brugler Marketing & Management