Corn trading remained flat around midday on Thursday, following smaller-than-expected weekly export sales of 97,600 metric tons (MT) for the week ending July 10, which were significantly below trade expectations ranging from 500,000 MT to 1.2 million MT. The national average cash corn price has dropped to $3.80, down 1¾ cents.
On the ethanol front, the Energy Information Administration reported an average daily production of 1.087 million barrels per day for the week ending July 11, a slight increase of 2,000 bpd from the previous week. However, ethanol stocks fell by 324,000 barrels to 23.635 million barrels amid a decrease in export volumes to 94,000 bpd.
Current futures prices include September Corn at $4.04¾, December Corn at $4.23½, and new crop cash corn at $3.82½, all reflecting minor declines.
