Corn Firm on Thursday
BRUG - Thu Aug 22, 12:27PM CDT

Corn futures are steady to 1 1/2 cents higher at midday. This morning’s USDA Export Sales reported bookings for 18/19 at 119,267 metric tons (MT) in the week that ended on August 15, 112% higher than last week. New crop sales totaled 301,608 MT, down 2% from the previous week and 72% lower than the same week last year. Those were both on the low end of estimates. A sale of 50,000 MT of sorghum was reported to China. The Pro Farmer Midwest Crop Tour found an Illinois average yield of 171.17 bpa vs. 192.63 last year. That’s down 11%, but USDA currently has Illinois corn yield down 14% from year ago. CONAB expects Brazil’s corn-based ethanol production to rise by 70.89% to 1.35 billion liters (8.491 million barrels) in 19/20. President Trump is planning to meet with USDA Secretary Perdue and EPA Administrator Wheeler on Thursday to discuss biofuel policies following last week’s small refinery waivers of 31 oil refineries.

SEP 19 Corn is at $3.64, up 1 1/2 cents,

DEC 19 Corn is at $3.71 3/4, up 1 1/2 cents,

MAR 20 Corn is at $3.83 1/2, up 1 cent

MAY 20 Corn is at $3.91, up 3/4 cent

--- provided by Brugler Marketing & Management

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