Corn futures are fractionally lower this morning heading into the USDA report. They closed the Wednesday session with most contracts within a penny of UNCH. World ending stocks are expected to be cut by 3.73 MMT to 199.36 MMT on lower world production and US ending stocks in today’s monthly USDA report. The main focus will be on the South American corn production estimates, with both Argentina and Brazil expected to be reduced. CONAB this morning put Brazil at 87.3 MMT. It would be a surprise if USDA drops that far. The weekly EIA report showed daily ethanol production rose to 1.057 barrels per day during the week of 3/2. All regions showed a buildup in ethanol stocks, with a weekly increase of 165,000 barrels to 23.144 million barrels. CIF corn basis rose to +61K yesterday on a combination of strong export interest and barge delays on the Mississippi River. The USDA is expected to show 1-1.5 MMT in old crop export sales for the week of March 1 this morning, with new crop at 0-100,000 MT.

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