Corn futures dropped in trading on September 26, 2023, with contracts closing down 2 to 9.5 cents. The nearby cash corn price fell by 9.5 cents to settle at $4.19. The September contract closed at $4.49, while the December contract finished at $4.71.
According to the EIA’s weekly Petroleum Status report, ethanol production increased by 39,000 barrels per day (bpd) during the week of July 24, reaching 1.133 million bpd, the second-highest weekly total on record. Ethanol stocks also rose by 245,000 barrels to 24.726 million barrels. In export activities, a South Korean importer purchased 69,000 metric tons of corn, while weekly export sales are anticipated to be between 300,000 to 600,000 metric tons.
Weather forecasts indicate 1 to 2 inches of rain expected across eastern Nebraska and parts of the Midwest, including Minnesota, Missouri, and Illinois, over the next seven days.
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