Corn futures are currently trading 8 to 9 cents higher, bolstered by gains in wheat. The CmdtyView national average cash corn price has increased by 8.5 cents to reach $4.16 1/4.
The National Oceanic and Atmospheric Administration (NOAA) forecasts a dry week for much of the Western Corn Belt, with minimal rainfall expected in parts of Minnesota, Iowa, Nebraska, Missouri, and the Dakotas. In contrast, the Eastern Corn Belt may see 0.5 to 1.5 inches of precipitation in Illinois, Indiana, and Ohio.
Additionally, weekly data from the Energy Information Administration (EIA) reported ethanol production at 1.04 million barrels per day for the week ending July 10, a decline of 53,000 bpd from the previous week. Ethanol stocks rose by 463,000 barrels to 24.391 million barrels, while exports fell by 119,000 bpd to 81,000 bpd.
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