Corn futures experienced a decline, with the July contract closing at $4.07, down 2.75 cents, while the national average cash corn price fell to $3.78 ¼, a decrease of 1.75 cents. In the weekly ethanol production update from the EIA for the week ending June 19, output was reported at 1.09 million barrels per day, a decrease of 12,000 bpd from the previous week.
Ethanol stocks rose by 111,000 barrels to a total of 24.585 million barrels. Exports decreased by 5,000 bpd to 121,000 bpd, while refiner inputs increased by 3,000 bpd, reaching 923,000 bpd. The USDA’s Export Sales report is expected to be released on Thursday, with old crop sales projected between 0.5 to 1.3 million metric tons for the week ending June 18.
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