Corn prices are showing gains of 1 to 3 cents as of Wednesday, with the front month CmdtyView national average Cash Corn price at $3.86, up 2.5 cents. September corn aims to surpass the $4 mark, trading at $4.00, up 2 cents.
The weekly EIA report indicates a production increase of 9,000 barrels per day, totaling 1.085 million barrels for the week ending July 4. Stocks have decreased by 158,000 barrels to 23.959 million, alongside a drop in exports to 121,000 barrels per day and refiner inputs reduced to 902,000 barrels per day.
Bloomberg’s survey estimates old crop corn stocks at 1.351 billion bushels, down 14 million bushels from June. New crop production is anticipated to decrease by 75 million bushels to 15.746 billion bushels, tightening the stock estimate to 1.721 billion bushels.
