Corn Higher after Report Day

Corn futures closed Report Day with gains of 2 1/4 to 3 3/4 cents. The cash average corn price was estimated by USDA at $3.10 for new crop, which was 25 cents per bushel below the July estimate. USDA estimates the average national corn yield will be 181.8 bpa. The trade was looking for 180.5. That brought production up by 278 mbu to 15.278 bbu. Carryin was dropped down via a 20 mbu boost to 19/20 exports. New crop ending stocks were less than the trade expected, at 2.756 billion bushels. This morning EIA data revealed average daily ethanol production for the week ending Aug 6 was 918k barrels. That was 13k bpd fewer than the week prior, but stocks fell 596k barrels to 19.75 million. USDA revised global corn production for 2020/21 higher by 7.82 MMT to 1.171 BMT. World ending stocks are estimated to be 317.46 MMT for 2020/21. That is up 2.42 MMT from July. Corn export sales estimates ahead of the Thursday weekly update are for 0.1 to 0.4 MMT of old crop and 0.3 to 1.0 MMT of new crop. FSA reported 5.37 million acres of prevent planted corn, that was 60% of the total PP. ND had the largest PP corn with a state record 1.75m.

Sep 20 Corn closed at $3.14 1/2, up 3 cents,

Dec 20 Corn closed at $3.27 1/4, up 3 3/4 cents,

Mar 21 Corn closed at $3.38 3/4, up 3 1/2 cents,

May 21 Corn closed at $3.46 1/2, up 3 1/4 cents,

--- provided by Brugler Marketing & Management

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