Corn Futures Plummet on Weakness, Ethanol Production Hits Record High

Corn futures are experiencing weakness on Wednesday, down 8 to 9 cents across most contracts. This comes after a bounce from Tuesday's prices. The CmdtyView national average Cash Corn price has also dropped by 8 1/2 cents to $4.28 1/4.

The US Energy Information Administration (EIA) reported that ethanol production rose another 39,000 barrels per day in the week of July 24th, reaching a record-breaking 1.133 million bpd. Ethanol stocks increased by 245,000 barrels to 24.726 million barrels during this period.

However, exports declined by 21,000 bpd to 137,000 bpd, and refiner inputs of ethanol rose by 1,000 bpd to 939,000 bpd.

A South Korean importer purchased a total of 69,000 MT of corn in a tender overnight.