Corn
Brugler Marketing and Management, LLC - BRUG - Thu Jul 12, 7:15AM CDT

Corn futures are currently 1 to 2 cents higher after seeing most contracts 7 to 8 cents lower on Wednesday. Bearish ethanol data and spillover selling from soybeans were features yesterday, with rain forecasts on the 7-day QPF for most of the Corn Belt not helping. Trade estimates are ranging 400,000-800,000 MT for old crop corn export sales, with 250,000-550,000 MT expected for new crop ahead of this morning’s FAS report. Ethanol stocks rose 418,000 barrels last week to 22.393 million barrels, the largest inventory since the last week in March. Analysts are expecting old crop world corn ending stocks to be down 1.09 MMT to 191.6 MMT, with new crop at 156.27 MMT, up 1.58 MMT from the June estimate.




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