Corn Prices Plummet as US Production Hits New Heights
Corn futures fell on Wednesday after gaining ground the previous day. The nearbys led the decline, down 2 to 9 ½ cents. The CmdtyView national average Cash Corn price also dropped, by 9 1/2 cents to $4.19 3/4.
The Energy Information Administration's (EIA) weekly Petroleum Status Report showed an increase in ethanol production, up another 39,000 bpd in the week of July 24. This brought the total to 1.133 million bpd, the second largest on record. Stocks were up 245,000 barrels that week to 24.726 million barrels.
Exports were down, however, at 21,000 bpd lower than the previous week's levels, reaching 137,000 bpd. Refiner inputs of ethanol also rose by 1,000 bpd to 939,000 bpd. The next seven days are expected to see 1 to 2 inches of precipitation across much of eastern Nebraska and parts of the Dakotas.
A South Korean importer made a significant purchase overnight, buying 69,000 MT of corn in a tender. Export Sales data will be released on Thursday, with traders looking for 300,000 to 600,000 MT in old crop corn sales. Bookings for 2026/27 are seen at 0.5-1 MMT in the week of July 23.