Corn prices fell by 3 to 4 cents on Wednesday morning, closing on Tuesday with fractional losses. Preliminary open interest rose by 24,013 contracts, indicating net new selling. The CmdtyView national average cash corn price remained steady at $3.92 3/4.
In May, a total of 449.44 million bushels of corn were used for ethanol production, reflecting a 6.2% increase from April but a 1.31% decrease from May 2024. The marketing year total through three quarters stands at 4.08 billion bushels, which is 11 million bushels higher than the previous year.
Ukraine’s agricultural ministry estimates 2024/25 corn exports at 22 million metric tons, down from 29.5 million metric tons in 2024. StoneX forecasts Brazilian corn production to reach 136.1 million metric tons, and June Brazil exports are expected at 566,435 metric tons, below the prior estimate of 982,812 metric tons.
