Corn futures are holding onto midweek gains, with prices up fractionally to 3 cents across the front months on Wednesday. The CmdtyView national average cash corn price stands at $4.14 3/4, down 3 1/4 cents from the previous day. The average close for December corn futures in October has been $4.79, with just three days remaining in the harvest price crop insurance discovery period.
The Energy Information Administration's weekly report showed ethanol production increasing by 24,000 barrels per day to 1.118 million bpd in the week of October 23. Ethanol stocks decreased by 35,000 barrels to 24.523 million barrels. Refiner inputs of ethanol rose by 16,000 bpd to 907,000 bpd, despite a drop in gasoline product supplied to its lowest level since February.
The NOAA 7-day forecast predicts 1 to 2 inches of precipitation from just east of the Rockies to the Appalachians, with the heaviest totals expected along the Missouri River in South Dakota, Nebraska, Iowa, Kansas, and Missouri.