Corn is trading with gains of 1 to 3 cents across the front months at Wednesday’s midday in an attempt by September to claw its way back above $4. The front month CmdtyView national average Cash Corn price is up 2 ½ cents at $3.86. 

Wednesday morning’s weekly EIA report showed an uptick in production of 9,000 barrels per day in the week ending on July 4 to 1.085 million barrels per day. Stocks, meanwhile, were down 158,000 barrels to 23.959 million barrels despite a 10,000 bpd drop in exports to 121,000 barrels and 23,000 bpd reduction in refiner inputs to 902,000 bpd.

A survey of traders by Bloomberg shows estimated corn stocks for old crop at 1.351 billion bushels ahead of Friday’s USDA report, a 14 mbu reduction from June if realized. New crop production is expected to be trimmed by 75 mbu via fewer acres to 15.746 bbu. That would help to tighten the new crop stock estimate to an average of 1.721 bbu (vs. 1.75 bbu in June).

Jul 25 Corn is at $4.13 1/2, up 2 1/2 cents,

Nearby Cash is at $3.86 0/1, up 2 1/4 cents,

Sep 25 Corn is at $4.00, up 2 cents,

Dec 25 Corn is at $4.15 3/4, up 1 1/2 cents,

New Crop Cash is at $3.75 1/4, up 1 3/4 cents,