Corn Prices Retreat After Reaching Three-Year Highs
Corn prices are experiencing losses early on Thursday morning after reaching three-year highs on Wednesday. According to Barchart, futures closed 10 to 13 ½ cents higher on Wednesday, with open interest down 5,593 contracts. The decline is attributed to spillover strength in wheat and supply concerns over the US crop.
The CmdtyView national average Cash Corn price was up another 13 1/2 cents at $4.85. Export Sales data will be released this morning, with analysts looking for net reductions of 200,000 MT to net sales of 400,000 MT for 2025/26 sales in the week ending on August 20.
The Energy Information Administration (EIA) reported a total of 1.112 million barrels per day in production, an increase of 23,000 bpd from the previous week. Stocks saw a modest build of 85,000 barrels to 25.2 million barrels. Refiner inputs were down a modest 3,000 barrels to 923,000 barrels, with exports up 33,000 barrels to 162,000 barrels.