Corn futures rose on July 26, with contracts closing up 3 to 8¼ cents. The CmdtyView national average cash corn price increased by 7 cents, reaching $3.92¼. The NASS reported that 95.343 million acres of corn were planted, slightly above earlier estimates.
Ethanol production for the week of June 26 averaged 1.117 million barrels per day, an increase of 27,000 bpd from the previous week. Ethanol stocks rose by 105,000 barrels to a total of 24.690 million barrels, while exports climbed to 126,000 bpd. The largest corn utilization for ethanol recorded in May was 471.78 million bushels, marking a 9.7% increase from April and 6.16% from the previous year.
Grain stocks as of June 1 totaled 5.295 billion bushels, falling short of estimates and demonstrating a 14% increase compared to last year. Export sales data for corn, including a forecast of 0.5 to 1.1 million metric tons in old crop sales, will be released on Thursday.
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