Corn futures are currently a penny to 2 cents higher but off of earlier highs. The Wednesday morning EIA report showed ethanol production for the week of 9/8 down 13,000 barrels per day to 1.047 bpd. Ethanol stocks for the end of that week were up 16,000 barrels to 21.132 million barrels. In the supply and demand table for new crop corn, the USDA dropped FSI 75 mbu (ethanol down 25 mbu). The USDA also dropped the national cash average midpoint estimate 10 cents to $3.20. Exports for old crop corn was increased 70 mbu to 2.295 bbu, with corn used for ethanol down 15 mbu. The FSA reported September corn prevent plant acres, just 4,587 acres above August at 954,931 acres. China plans to start implementing nationwide use of E10 by 2020 according to reports, boosting demand for ethanol and speeding up consumption of out of condition corn stocks.

Sep 17 Corn is at $3.42, up 2 cents,

Dec 17 Corn is at $3.52 1/2, up 1 cent,

Mar 18 Corn is at $3.65, up 1 1/4 cents

May 18 Corn is at $3.73, up 1 cent

Market Commentary provided by:

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