Corn Futures Bounce on Wednesday Amid Mixed Crop Tour Results

Corn futures are trading higher on Wednesday, up by 6 to 7 ¼ cents across most contracts. This follows mixed results from the ProFarmer Crop Tour, which saw Nebraska corn yields averaging 163.61 bushels per acre - an 8.85% decline from last year and 5.6% below the three-year average.

Indiana yields came in at 183.54 bushels per acre, down 5.3% from a year ago and 2.1% below the three-year average. The USDA will release Export Sales data on Thursday morning, with traders looking for a total of 0-500,000 MT of old crop corn sold in the week of August 13.

New crop business is expected to range between net sales of 0.5 to 1.3 MMT. Ethanol production dropped by 28,000 barrels per day last week, while stocks were up 323,000 barrels to 25.121 million barrels. Refiner inputs of ethanol rose by 11,000 bpd to 926,000 bpd.