Corn futures are trading steady to fractionally mixed on Wednesday. The average trade guess is for Brazil production to be trimmed 3.4 MMT to 91.6 MMT and Argentina at 36.5 MMT, down 2.5 in Thursday’s monthly USDA report. World ending stocks are expected to be cut by 3.73 MMT to 199.36 MMT on lower world production and US ending stocks. The weekly EIA report showed daily ethanol production at 1.057 barrels per day during the week of 3/2. That was 13,000 bpd above the previous week, as all regions showed a buildup in ethanol stocks. The total number rose 165,000 barrels to 23.144 million barrels. The USDA is expected to show 1-1.5 MMT in old crop export sales for the week of March 1 tomorrow, with new crop at 0-100,000 MT.

Mar 18 Corn is at $3.80 1/2, up 3/4 cent,

May 18 Corn is at $3.88 1/2, up 1/4 cent,

Jul 18 Corn is at $3.95 1/2, unch ,

Sep 18 Corn is at $4.00 1/4, down 1/4 cent

Market Commentary provided by:

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