Corn futures saw gains of 5 to 9 cents across the board on Wednesday, receiving support from near limit gains in wheat. This increase occurred despite some weaker corn grind implications from the EIA. The CmdtyView national average Cash Corn price was up by 9 cents, reaching $4.17 3/4.
The USDA is set to release their weekly Export Sales report on Thursday morning, with traders expecting between 0.5 and 1 million metric tons of old crop corn export business for the week of July 9. Sales for the 2026/27 season are anticipated to fall within the range of 0.3-1.1 million metric tons.
Looking ahead, the Western Corn Belt is expected to remain dry over the next 7 days according to NOAA’s 7-day QPF. There may be trace amounts of precipitation in parts of Minnesota, Iowa, Nebraska, Missouri, and the Dakotas. On the other hand, the Eastern Corn Belt is predicted to see a bit more moisture, with 0.5-1.5 inches expected in areas of Illinois, Indiana, and Ohio.
Recent data from the EIA showed a total ethanol production of 1.04 million barrels per day in the week ending on July 10, marking a 53,000 bpd decrease from the previous week. Ethanol stocks rose by 463,000 barrels to 24.391 million barrels, while exports dropped by 119,000 bpd to 81,000 bpd. Refiner inputs of ethanol increased by 5,000 bpd to 906,000 bpd during that week.
In market trading, Sep 26 Corn closed at $4.47 1/2, up by 9 cents. Nearby Cash was priced at $4.17 3/4, an increase of 9 cents. Dec 26 Corn closed at $4.69 1/4, up by 8 3/4 cents, while Mar 27 Corn closed at $4.84, up by 8 1/4 cents. New Crop Cash was valued at $4.20 3/4, up by 9 cents.
Please note that on the date of publication, Austin Schroeder did not have any positions in the securities mentioned in this article. All information and data provided here are for informational purposes only. This article was originally published on Barchart.com.
