Corn futures saw slight gains on Wednesday, April 24, 2023, with nearby contracts rising between fractionally and 2 ½ cents. The CmdtyView national average Cash Corn price increased by 1 1/4 cents to $4.33 1/2. Notably, Taiwan secured 65,000 metric tons of corn from the U.S. in a recent tender.
The U.S. Energy Information Administration (EIA) reported a larger-than-expected decrease in ethanol production, dropping by 31,000 barrels per day to 1.009 million barrels per day, which is also 31,000 bpd lower than the same week last year. This decline resulted in a stock reduction of 1.067 million barrels, bringing total inventories to 25.881 million barrels. Refiner inputs fell to 917,000 bpd while exports rose by 79,000 bpd to reach 170,000 bpd.
On April 25, the USDA is expected to release its Export Sales report, forecasting 1-1.9 million metric tons of old crop corn sold for the week ending April 23. The July 2026 Corn closed at $4.77 3/4, with May 2026 at $4.66 1/2, and December 2026 at $4.97 3/4.
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