Corn Prices Extend Rally as Wheat Support and Buying Interest Boost Futures
Corn prices are continuing their upward trend, with futures contracts rising by another 2 to 3 cents on Thursday morning. This follows a 8-9 1/2 cent gain into Wednesday's close, keeping corn within 2 cents of its intraday highs across most contracts. Deferred contracts were up fractionally to 4 ½ cents.
The rise in corn prices is being supported by spillover from the wheat market and new buying interest, with open interest increasing by 6,945 contracts on Wednesday. The CmdtyView national average Cash Corn price also rose to $4.31 1/2, up 10 1/2 cents.
The latest data from the EIA shows ethanol production rebounding by 54,000 bpd in the week of July 17, after a previous drop. Stocks were up just 90,000 barrels in that week to 24.481 million barrels, with exports rising by 77,000 bpd to 158,000 bpd.