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Corn futures have decreased by 2 to 4.5 cents as of Wednesday, with the CmdtyView national average cash corn price settling at $4.13 1/4, down 1 cent. In related commodities, crude oil prices fell $1.56 following a statement from President Trump indicating a potential ceasefire with Iran.
Ethanol production for the week ending March 27 averaged 1.075 million barrels per day, marking a decline of 41,000 bpd from the previous week. Stocks of ethanol saw a draw of 1.179 million barrels to 25.991 million barrels, primarily from the Midwest and Gulf regions. Export figures show an increase of 4,000 bpd, reaching 123,000 bpd.
The USDA reported that a total of 95.338 million acres of corn are expected to be planted this spring, down 3.45 million acres from last year but exceeding the average trade estimate of 94.37 million acres. Additionally, grain stocks as of March 1 measured 9.024 billion bushels, which is 89 million bushels below projections but an increase of 887 million bushels year-over-year.
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