Corn Prices Fall as Ethanol Production Hits New High

Corn prices fell on Wednesday as contracts closed down 2 to 9 ½ cents, led by nearbys. The national average Cash Corn price declined to $4.19 3/4, a drop of 9 1/2 cents.

The weekly Petroleum Status Report from the Energy Information Administration (EIA) showed ethanol production increasing by another 39,000 bpd in the week of 7/24, reaching its second-highest weekly total at 1.133 million bpd. Stocks were up 245,000 barrels to 24.726 million barrels.

The EIA also reported that refiner inputs of ethanol rose by 1,000 bpd to 939,000 bpd in the same week.