Corn prices increased by 2 to 3 cents on Thursday morning, following a rise of 5 to 9 cents on Wednesday, supported by significant gains in wheat. The national average cash corn price reached $4.17 3/4, reflecting a 9-cent increase. Open interest rose by 7,799 contracts on Wednesday, indicating new buying activity.
The USDA will release its weekly Export Sales report today, with analysts projecting 0.5 to 1 million metric tons (MMT) in old crop corn exports for the week ending July 9. Additionally, the upcoming weeks are expected to be mostly dry for the Western Corn Belt, while the Eastern Corn Belt may see rainfall totals between 0.5 to 1.5 inches in parts of Illinois, Indiana, and Ohio.
Recent data from the EIA indicated ethanol production of 1.04 million barrels per day for the week ending July 10, a decrease of 53,000 barrels from the previous week. Meanwhile, ethanol stocks rose by 463,000 barrels to 24.391 million barrels, with exports falling to 81,000 barrels per day.
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