Corn futures surged on Wednesday, increasing 8 to 9 ½ cents, with September contracts closing at $4.62 and December contracts at $4.84 ¾. The CmdtyView national average Cash Corn price rose by 10 ½ cents to $4.31 ½. The price rally was supported by spillover from the wheat market.
The U.S. Energy Information Administration (EIA) reported a rise in ethanol production by 54,000 barrels per day (bpd) for the week ending July 17, reaching 1.094 million bpd. Ethanol stocks rose to 24.481 million barrels, and exports increased by 77,000 bpd to 158,000 bpd.
In international trade, South Korean importers purchased between 142,000 and 208,000 metric tons of corn. Brazil’s ANEC reported an increase in corn export estimates for July from 3.44 million metric tons to 3.7 million metric tons.
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