On the US futures market, corn prices slipped again in the middle of the week. In Chicago, the September contract lost 5 US cents and closed at 382.50 US cents/bushel. The December contract fell by 3.50 US cents and ended at 406.00 US cents/bushel. March delivery also weakened.
The market was burdened not only by the continuing weakness in wheat, but also by a slight decline in the ethanol report: US production fell by 2,000 barrels to an average of 1.07 million barrels per day in the week ending August 22. At the same time, ethanol stocks fell by 139,000 barrels to 22.549 million barrels. Exports fell by 51,000 barrels per day, while processing volumes increased slightly.
Ahead of tomorrow's export report, market observers expect net reductions in old stocks of between 150,000 and 200,000 tons. Business with maize from harvest 25, on the other hand, is estimated at 1.2 to 2.6 million tons. Fresh demand came overnight from Taiwan, which bought 65,000 tons of US corn. Whether this will be enough to turn the mood around remains to be seen.
