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On Wednesday, corn futures increased by 3 to 5 cents, with December 25 corn closing at $4.35 1/4 and March 26 corn at $4.49 1/2. This rise was attributed to a record ethanol production of 1.123 million barrels per day reported by the EIA, up 32,000 bpd from the previous week, contributing to increased corn prices.
The CmdtyView national average cash corn price rose by 3 ½ cents to $3.96. Ethanol stocks grew by 288,000 barrels to 22.655 million barrels as of October 31, while ethanol exports fell to 107,000 bpd, down 68,000 bpd from the previous week.
Amid the ongoing government shutdown, which is now the longest on record without an export sales update, analysts estimate that U.S. exporters sold between 0.8 to 2 million metric tons of corn in the week ending October 30.
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