Corn futures experienced some positive momentum on Wednesday, benefiting from gains in wheat prices and a recent decline in the US dollar index. Contracts closed with modest gains ranging from 1 ¼ to 3 ½ cents across the board. The CmdtyView national average Cash Corn price also saw an increase of 3 3/4 cents, closing at $3.94 1/2.
In addition, data from the Energy Information Administration (EIA) released on Wednesday morning revealed that ethanol production had decreased by 5,000 barrels per day to 1.114 million bpd during the week of January 23. However, stocks experienced a draw of 339,000 barrels, bringing the total to 25.4 million barrels. Exports of ethanol decreased by 61,000 bpd to 157,000 bpd, while refiner inputs of ethanol rose by 31,000 bpd to 883,000 bpd.
Looking ahead, Export Sales data is set to be released on Thursday, with traders anticipating corn bookings for the 2025/26 season to fall within the range of 1 to 2.5 million metric tons for the week of January 22. Sales for the 2026/27 season are expected to range from 0 to 200,000 MT.
At the close of trading on Wednesday, Mar 26 Corn finished at $4.30, up 3 1/2 cents, while Nearby Cash was at $3.94 1/2, up 3 3/4 cents. May 26 Corn closed at $4.38, up 3 1/4 cents, and Jul 26 Corn closed at $4.44, up 3 1/4 cents.
Please note that the information provided in this article is for informational purposes only. The original article was published on Barchart.com.
