Corn Prices See Brief Uptick After Wednesday Decline
Corn prices saw a slight bounce on Thursday morning, rising by 1-2 cents so far. However, this uptick follows a decline of 2 to 9 ½ cents in futures contracts during Wednesday's session, led by the nearbys.
The CmdtyView national average Cash Corn price was down 9 1/2 cents at $4.19 3/4 on Wednesday. The Energy Information Administration (EIA) released its weekly Petroleum Status Report, which showed ethanol production increasing by another 39,000 barrels per day (bpd) to the second-largest weekly total on record.
The report also indicated that stocks were up 245,000 barrels in that week to 24.726 million barrels, while exports fell back down by 21,000 bpd to 137,000 bpd. Refiner inputs of ethanol rose by 1,000 bpd to 939,000 bpd.
The next seven days are expected to see 1-2 inches of rainfall across much of eastern Nebraska and the eastern portions of the Dakotas through Minnesota, Missouri, Wisconsin, Iowa, Illinois, Indiana, and Ohio. Export Sales data is set to be released on Thursday, with traders anticipating 300,000 to 600,000 metric tons (MT) in old crop corn sales.