Corn futures saw a decline of up to 2.75 cents in front-month contracts as of July 26, 2023, with July closing at $4.07, down 2.75 cents, while September and December contracts also experienced drops. The national average Cash Corn price fell by 1.75 cents to $3.78 1/4. Open interest decreased by 11,175 contracts, primarily in the July contract, ahead of options expiration on July 28.
In related ethanol production data from the EIA for the week ending June 19, production reached 1.09 million barrels per day, a decrease of 12,000 bpd from the previous week. Ethanol stocks increased by 111,000 barrels to 24.585 million barrels, while ethanol exports fell to 121,000 bpd, a drop of 5,000 bpd. Refiner inputs of ethanol rose by 3,000 bpd, totaling 923,000 bpd.
The USDA will release its Export Sales report later today, with estimates for old crop sales ranging from 0.5 to 1.3 million metric tons and new crop sales between 0.3 to 1 million metric tons for the week ending June 18.
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