On the US stock markets, corn contracts ended Wednesday with slight losses after prices recovered from the day's low during the course of the day. The September front month lost 1.75 US cents and closed at 379.75 US cents/bushel. The December contract fell by 0.75 US cents and closed at 401.25 US cents/bushel.
The main cause for concern was the weekly data from the US Energy Information Administration (EIA). They show a decline in ethanol production to 1.081 million barrels per day. This corresponds to a drop of 15,000 barrels compared to the previous week. Stocks fell by 960,000 barrels to 23.756 million barrels, while the use of ethanol in refineries rose slightly by 2,000 barrels to 922,000 barrels per day. Ethanol exports, on the other hand, fell significantly by 38,000 barrels to 116,000 barrels per day.
Traders are eagerly awaiting the publication of the export report today. Analysts expect between 200,000 and 400,000 tons of old stock sales. The forecast for new business is 1.3 to 2.5 million tons.
Internationally, the focus remains on Brazil. In July, the country exported 2.434 million tons of maize. Although this is more than 30 percent less than in the same month last year, it is significantly more than in June.
In Paris on Euronext, maize also closed €3.50 lower at €188.50/t for November.
