Corn Market News and Commentary

Corn futures are currently 1 to 1 3/4 higher after fractional gains in most contracts on Wednesday. Corn in flooded grain bins is considered contaminated and cannot be sold commercially. NASS is unlikely to be able to quantify such losses until the June stocks report. The weekly EIA report indicated ethanol production in the week that ended on 3/15 slipped 1,000 barrels per day to 1.004 million bpd. Stocks at the end of that week rose 681,000 barrels wk/wk to a record 24.412 million barrels. The Midwest neared their record totals, up 383,000 barrels as rail movement was hindered due to flooding. Export sales for the week of 3/14 are expected to total 0.6-1 MMT for old crop corn in tomorrow morning’s USDA report, with new crop at 0-300,000 MT.

--provided by Brugler Marketing & Management

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