Corn is Lower for Wednesday Midday
cmdtyNewswires - Wed Dec 11, 12:18PM CST

Corn futures are down from 3 3/4 to 5 cents this morning. There were 79 deliveries against Dec corn overnight, with the ADM house account a stopper for 57 of them. The weekly update from the EIA showed ethanol production was 12,000 barrels per day higher than last week, with the report showing 1.072 bpd. Stocks were again higher by 1.176 bpd. That’s the second consecutive week for increased stocks. The WASDE report left projected US ending stocks unchanged at 1.91 bbu. Likewise, Argentine corn production was steady with November at 50 MMT. Corn production from CONAB was up 50,000 MT mo/mo, at 98.41 MMT, but they are still below USDA’s 101 MMT for Brazil. World corn production was estimated at 1.108 billion MT. World corn consumption lower at 300 MMT. The world corn stocks to use ratio is 26.42%; the average from 09/10 was 23.767% with help from the 2012 drought.

Dec 19 Corn is at $3.59 1/2, down 3 3/4 cents,

Mar 20 Corn is at $3.72, down 5 cents,

May 20 Corn is at $3.78 3/4, down 4 cents,

Jul 20 Corn is at $3.84 1/4, down 3 3/4 cents,

---provided by Brugler Marketing & Management

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