Corn prices rose 2 to 4.5 cents on Thursday morning, following a Wednesday close in which futures increased by 3 to 8.25 cents. The CmdtyView national average cash corn price is now $3.92 ¼, up 7 cents. The market anticipates a 3-day weekend due to the July 4th Independence Day Holiday on Friday.
The EIA reported ethanol production at 1.117 million barrels per day for the week ending June 26, up 27,000 bpd from the previous week. Ethanol stocks increased by 105,000 barrels to 24.690 million barrels. Additionally, corn usage for ethanol in May reached 471.78 million bushels, the highest since 2015, marking a 9.7% increase from April and a 6.16% year-over-year rise.
This week’s export sales data, scheduled for release, is estimated to show old crop corn sales between 0.5 to 1.1 million metric tons and new crop business at 0.4 to 1.1 million metric tons.
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