Corn futures closed down 5 ¾ cents on Wednesday, with the September contract settling at $4.36 ¾. The CmdtyView national average cash corn price also fell by 5 ½ cents to $4.07.
The USDA reported a private export sale of 120,000 metric tons of corn to Mexico, which includes 30,000 metric tons for the 2026/27 season and 90,000 metric tons for 2027/28. Looking ahead, traders anticipate the upcoming Export Sales data, expecting between 200,000 and 600,000 metric tons of old crop corn sales for the week ending July 30.
In related news, weekly ethanol production stood at 1.107 million barrels per day for the week of July 31, a decrease of 26,000 barrels from the previous week. Ethanol exports rose to 200,000 barrels per day, up 63,000 barrels from the week prior. Rainfall predictions over the next week indicate potential accumulation of 1 to 4 inches across several Midwestern states.
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