Corn Prices Drop as Ethanol Production Surges

Corn futures are facing weakness on Wednesday after rising the previous day.

The price of corn has dropped by 8 to 9 cents across most contracts, reversing Tuesday's gains. The CmdtyView national average Cash Corn price has fallen by 8 1/2 cents to $4.28 1/4.

The US Energy Information Administration (EIA) reported that ethanol production rose by another 39,000 barrels per day in the week ending July 24, reaching a record high of 1.133 million barrels per day. Stocks also increased by 245,000 barrels to 24.726 million barrels.

However, exports declined by 21,000 barrels per day to 137,000 barrels per day. Refiner inputs of ethanol rose by 1,000 barrels per day to 939,000 barrels per day.