Corn futures fell by 5 to 6 cents across most contracts on Wednesday, with the front month CmdtyView national average cash corn price dropping to $3.88 1/4. The USDA’s June Acreage report due Monday is expected to reveal an average of 95.4 million acres planted this spring.
The EIA report revealed ethanol output decreased by 28,000 barrels per day to 1.081 million bpd for the week ending June 20, marking a four-week low. Ethanol stocks rose by 284,000 barrels to 24.404 million barrels, while exports fell by 53,000 bpd to 110,000 bpd. Refiner inputs increased by 3,000 bpd to 913,000 bpd, and gasoline usage reached 9.688 million bpd, the highest since December 2021.
In international markets, a South Korean importer purchased 266,000 MT of corn in a recent tender. Rain is forecasted for the Western Corn Belt, with 1 to 4 inches expected over the next week. Export sales data will be released Thursday, with projections between 0.5 and 1.2 MMT for old crop corn sold in the week ending June 19.
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