Corn Market Recap - 8/17/2016

August 17, 2016 10:31AM CDT

September Corn finished up 2 3/4 at 330 1/4, 1/2 off the high and 3 1/4 up from the low. December Corn closed up 2 1/2 at 339 3/4. This was 3 3/4 up from the low and 1/4 off the high.

December corn closed higher for the fourth day in a row, trading as high as $3.40. That is up 17 cents from Friday's low tick after the USDA's report. The market is skeptical of the USDA's yield estimate and wants further confirmation from the field. Next week's Pro Farmer tour which will canvas areas from Ohio to Nebraska should provide the market with some market moving news. Export sales estimates for Thursday's report are looking for 900,000 to 1.2 million bushels. Ethanol production for the week ending August 12th averaged 1.029 million barrels per day. This is up 1.08% vs. last week and up 6.63% vs. last year. Total Ethanol production for the week was 7.203 million barrels. This matched a record production figure from July 15th. Stocks were 20.425 million barrels. This is down 0.17% vs. last week. This drawdown is impressive with the production number we saw today.

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