Corn Futures Find Support on Thursday

Nearby corn futures finished the day with fractional gains, touching a penny for May contracts. The EIA posted up to date ethanol production numbers for the week ending 11/8. Ethanol production averaged 1.03 million barrels per day over the week, which was another uptick in average daily production, up 16,000 barrels wk/wk. Weekly ethanol production has been rising for the last 7 weeks. While production increased, ethanol stocks decreased to 20.985 million barrels. Most of the drawe came from the Midwest region, where ethanol stocks fell by 333,000 barrels, the Gulf region’s ethanol stocks were 255,000 barrels less wk/wk while the east coast used 178,000 barrels more than their production. Strategie Grains cut their 19/20 EU maize crop estimate 100,000 MT to 63.5 MMT, despite an increase in French production.

DEC 19 Corn closed at $3.75 3/4, up 1/2 cent,

MAR 19 Corn closed at $3.84 3/4, up 3/4 cent,

MAY 20 Corn closed at $3.90 3/4, up 1 cent

JUL 20 Corn closed at $3.96 1/2, up 3/4 cent

---provided by Brugler Marketing & Management

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