Corn Prices Bounce Back Moderately After Tuesday's Decline

Corn futures have experienced a moderate bounce on Thursday morning, after opening lower. The price action has seen gains of 1 to 2 cents so far, following a decline in Tuesday's session where contracts closed down 2 to 9 ½ cents. The nearbys led the losses.

Open interest was up by 15,562 contracts, indicating new short interest. This development could be a concern for corn prices as it may lead to increased selling pressure. The CmdtyView national average Cash Corn price has dropped by 9 1/2 cents to $4.19 3/4.

The EIA's weekly Petroleum Status Report revealed that ethanol production rose by 39,000 bpd in the week of July 24, reaching its second-highest level on record at 1.133 million bpd. Stocks increased by 245,000 barrels to 24.726 million barrels. Ethanol exports dropped by 21,000 bpd to 137,000 bpd, while refiner inputs rose by 1,000 bpd to 939,000 bpd.