Corn 3 to 6 Cents Higher

Corn is trading 3 to 6 cents higher this morning after closing with 2+ cent gains on Wednesday. Preliminary open interest showed some net new buying, up 9,372 contracts. FSA reported 5.37 million acres of prevent planted corn, that was 60% of the total PP in this August report. ND had the largest PP corn with a state record 1.75m. 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. USDA lowered the cash average corn price estimate for new crop by 25 cents per bushel yesterday to $3.10/bu. The USDA corn yield projection was 181.8 bpa. That brought production up by 278 mbu to 15.278 bbu. New crop ending stocks were less than the trade expected, at 2.756 billion bushels.

--- provided by Brugler Marketing & Management

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