Corn Prices Tumble as Demand Fades
Corn futures declined on Wednesday, closing down 2 to 9 ½ cents across various contracts. The nearbys led the drop, while the CmdtyView national average Cash Corn price fell by 9 1/2 cents to $4.19 3/4.
The US Energy Information Administration's weekly Petroleum Status Report showed ethanol production increasing for another week, reaching its second-largest weekly total on record at 1.133 million bpd. Stocks rose by 245,000 barrels to 24.726 million barrels, while exports dropped back down to 137,000 bpd.
Looking ahead, the next seven days are expected to see moderate precipitation across parts of the Midwest, including eastern Nebraska and the Dakotas. On Thursday, the Export Sales data will be released, with traders anticipating 300,000 to 600,000 MT in old crop corn sales for the week ending July 23.
A South Korean importer purchased a total of 69,000 MT of corn in a tender overnight, which may provide some support to prices in the near term.