September Corn finished down 2 3/4 at 352 1/2, 4 1/4 off the high and 3 1/4 up from the low. December Corn closed down 2 at 366 1/2. This was 3 1/4 up from the low and 3 1/2 off the high.
December corn traded down to 363 1/4 down 1.4% on the day and the lowest since September 1st 2016. The weakness could be attributed to the Buenos Aires Grains Exchange estimate for Argentine 2017-18 corn plantings at 5.4 million hectares versus 5.1 million this year. The 2017-18 Indian grain output was pegged at a record 275.7 million tonnes versus 251.6 million last year according to the Indian farm Minister. The corn output was seen at 26.3 million tonnes. The open interest in corn went up 15,411 contracts on Tuesday. Ethanol production for the week ending August 11 averaged 1.059 million barrels per day. This is up 4.64% vs. last week and up 2.92% vs. last year. Total ethanol production for the week was 7.413 million barrels. Corn used in last week’s production is estimated at 111.2 million bushels. This crop year’s cumulative corn used for ethanol production for this crop year is 5.26 billion bushels. Corn use needs to average 64.776 million bushels per week to meet this crop year’s USDA estimate of 5.45 billion bushels. Stocks as of August 11th were 21.828 million barrels. This is up 2.25% vs. last week and up 6.87% vs. last year. The average estimate for Thursday’s export sales from Bloomberg is 400,000 to 800,000 tonnes.