On Wednesday, July corn futures fell by ¼ cent to $4.31 ¼ ahead of Friday’s options expiration, while other contracts rose by 4 to 5 cents, influenced by a rally in the wheat market. The national average cash corn price also declined by ¼ cent to $4.08.
The weekly EIA report indicated ethanol production decreased by 11,000 barrels per day to 1.109 million barrels, while ethanol stocks rose by 386,000 barrels to 24.12 million barrels. Ethanol exports increased by 12,000 barrels per day to 163,000 bpd, with refiner inputs also up 5,000 bpd to 910,000 bpd.
Market activity will be paused on Thursday for Juneteenth, with reports delayed until Friday. Traders expect corn export sales for the week ending June 12 to fall between 600,000 MT to 1.2 MMT for the 2024/25 season.
