Corn futures are up 4 to 5 ¼ cents on most contracts in Wednesday trading. CmdtyView’s national average cash corn price is up 4 1/4 cents to $3.87 1/4.
The market will conclude the week on Thursday, with Friday off in observance of Juneteenth.
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The EIA’s weekly update showed ethanol production totaled 1.102 million barrels per day for the week of June 12, down 6,000 bpd from the previous week. Ethanol stocks increased by only 22,000 barrels to 24.474 million barrels. Ethanol exports declined by 27,000 bpd to 128,000 bpd, with refiner inputs of ethanol increasing by 13,000 bpd to 920,000 bpd.
Rainfall is expected to continue across much of the U.S. growing region, with much of the western Corn Belt expected to see at least an inch of rainfall, according to the forecast. Moving east and south, rainfall totals of 2 to 4 inches were seen from eastern Northeast to western PA and southern areas of MN/WI/MI down to the Gulf.
26 July Mecca $4.18 is at 3/4, up 5 cents,
cash nearby is at $3.87 1/4, up 4 1/4 cents,
26 September Mecca $4.27 is at 3/4, up 5 1/4 cents,
26 December Corn is at $4.47 1/2, up 5 cents,
new crop cash $4.01 is at 1/2, up 3 3/4 cents,
On the date of publication, Austin Schroeder did not have (directly or indirectly) any positions in any securities mentioned in this article. All information and data in this article is for informational purposes only. Please see the Barchart Disclosure Policy here for more information.
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