On Thursday morning, corn prices dropped by 2 to 4 ½ cents, following a significant decline of 10 ½ to 12 ¾ cents in most futures contracts on Wednesday. The CmdtyView national average cash corn price decreased by 11 ½ cents to $4.26 ¼. Open interest fell by 10,150 contracts as some investors closed positions, while 113 deliveries were made against May corn futures. The downturn in prices was influenced by a $6.06 drop in crude oil prices, which fell another $3.16 today due to easing tensions between the U.S. and Iran.
The U.S. Energy Information Administration (EIA) reported an increase in ethanol production by 8,000 barrels per day for the week ending May 1, bringing the total output to 1.017 million barrels per day. Ethanol stocks rose by 139,000 barrels to 26.02 million, while refiner inputs decreased to 902,000 barrels per day, down 15,000 from the previous week. Additionally, a South Korean importer purchased 132,000 metric tons of corn, all optional origin.
The USDA’s Weekly Export Sales report, set to release on Thursday, is anticipated to reveal corn bookings of 1-1.8 million metric tons for the week ending April 30 for old crop, while new crop bookings are expected at 0-150,000 metric tons.
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