Corn futures experienced a slight retreat on Wednesday, reversing some of the gains made during the previous day's rally. Most contracts saw losses ranging from 2 to 6 cents, with the CmdtyView national average cash corn price dropping 6 cents to $4.63 1/4.
Data from the Energy Information Administration (EIA) revealed that ethanol production increased by 46,000 barrels per day to 1.053 million barrels per day for the week ending October 1. Ethanol stocks also decreased seasonally by 122,000 barrels, bringing the total to 23.743 million barrels.
The U.S. Department of Agriculture (USDA) is set to release export sales data on Thursday, with analysts expecting between 0.6 and 1.7 million metric tons of corn sold in the week ending October 1. Additionally, crop production data will be updated on Friday, with traders anticipating a yield reduction of 0.7 bushels per acre to 177.8 bushels per acre, and a production decrease of 67 million bushels to 15.733 billion bushels.
A South Korean importer issued a tender for 207,000 metric tons of corn, with a deadline for submissions set for today. Key corn futures contracts saw the following changes: December 2026 corn closed at $5.02, down 6 cents, nearby cash corn was $4.63 1/4, down 6 cents, March 2027 corn closed at $5.17, down 5 1/4 cents, and May 2027 corn closed at $5.24 1/4, down 4 3/4 cents.