Corn futures on July 25 closed at $4.12 1/2, up 1 1/2 cents, while nearby cash prices reached $3.85 1/2, also up 1 1/2 cents. The front-month CmdtyView national average showed corn prices attempting to maintain the critical $4 level but ultimately falling short by the close.
In the Energy Information Administration (EIA) report, U.S. crude production increased by 9,000 barrels per day to 1.085 million barrels in the week ending July 4. However, stocks decreased by 158,000 barrels, bringing the total to 23.959 million barrels, amidst a drop in both exports and refiner inputs.
Forecasts for corn export sales are projected between 375,000 and 900,000 metric tons for the week ending July 3, while trader estimates predict old crop stocks at 1.351 billion bushels ahead of the upcoming USDA report.
