Corn Market Fractionally Lower Ahead of USDA

Corn futures are fractionally lower ahead of the weekly export sales report. They saw marginal losses in nearby contracts yesterday on profit taking. The EIA weekly report showed another round of low production data at 963,000 barrels per day for the week of 10/4, up 5,000 bpd from last week. Ethanol stocks were at a 2-year low, 21.224 million barrels, down 1.995 million barrels from last week. That is the largest wk/wk draw down on record. With corn production estimates expected to be revised lower today and a smaller carry-in from old crop, analysts project a 508 mbu cut to 19/20 ending stocks at 1.682 bbu. World stocks are seen down 9.67 MMT from Sept at 296.6 MMT. Ahead of the weekly Export Sales report this morning, analysts estimate 500,000-800,000 MT in 19/20 corn bookings.

-- provided by Brugler Marketing & Management

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